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Brexit Impacting Spread Betting Firms

BREXIT IMPACTS SPREAD BETTING FIRM HARD
 
Sporting Index take a six-figure bath on Leave bets.
 
Political spread betting company Sporting Index saw unprecedented action in the run-up to Britain’s EU referendum Thursday, but it was a painful night for the firm as its clients consistently favoured Leave throughout the campaign, resulting in a six figure loss for the company.
 
Sporting Index was the first bookmaker to offer a market on turnout and the eventual 72.2 percent figure contributed to the loss as spread bettors clearly believed voters would turn out in force.
 
Ed Fulton, political spokesman for Sporting Index, said: “We were getting ready to pop the champagne corks at 10pm when a Remain win looked highly likely, but by midnight the bottles were shoved back in the fridge.
 
“When we got to 4am it was head in hands time on the trading floor and the punters have beaten us fair and square here. On the bright side, the volume of bets for the referendum was fantastic and we look forward to round two against our customers in the US presidential election.”
 
In related news, the UK media reported heavy stock declines on three major British gambling groups - Ladbrokes, William Hill and Paddy Power Betfair.
 
Ladbrokes saw its stock dive 10 percent, Paddy Power-Betfair suffered even more with a 25 percent hit, and Will Hill shareholders were out of pocket to the tune of 63 pence a share.
 
Fortunately as the shock of the Leave vote faded all the stocks largely recovered.
 
Bookies generally took something of a bath from the unexpected vote to leave the EU; the polls had shown a high probability for a decisive Remain vote and the odds from most bookmakers appeared to reflect that prediction on the run-up to the referendum.
 
Ladbrokes claimed to have won a little, with a spokesman advising the City AM newspaper: "We made a small profit on the referendum in the end."
 
Online betting company Betway fared less well, saying that it had suffered a "political betting bloodbath" following the Leave result, and reporting that just after polls closed Thursday night it was taking Brexit bets at 12/1 odds, but just a few hours later the results showed that it had sustained its biggest ever loss on a non-sport book.
 
"We’ve lost almost a third of turnover on this market, with pro-Brexit punters taking advantage of extremely generous prices," said spokesman Alan Alger. "Just like the general election, the polls got it wrong again and punters beat the bookies by sticking with their instincts."
 
Alger added that the Leave vote is likely to cost the bookmaking industry at least GBP 5 million.
 
A William Hill spokesman told City A.M. it had made a six-figure loss, while it took around GBP 2.5 million in total betting on the referendum campaign.

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Gambling News :

Yggdrasi To Enter Italian Gambling Market - Yggdrasil’s Italian offering will include the company's collection of in-game promotional tools, BOOST, improving gamification, and the social sharing tool, BRAG. The company’s mobile product will also be available on its HTML5 iSense 2 platform.

888sport is the latest to join sports betting integrity body ESSA - Major operator 888sport is the latest to join sports betting integrity body ESSA with the company adding its customer base and betting market platforms to ESSA’s global anti-fraud alert and reporting system.

First partypoker live event to be held in Russia - Partypoker’s new live tour will kick off in Russia on March 24, 2017 at Sochi Casino and Resort in association with Club Poker Management. Online Day 1’s will start on partypoker on March 12, 2017.

Rooster Slot Launches - “Rooster” offers 243-ways-to-win along with a big chase in the free games bonus round, where all 5-of-a-kinds are multiplied by the lucky number 5!

Scientific Games Completes DEQ Systems Corp Acquisition - Scientific Games has completed its acquisition of table games product developer DEQ Systems Corp after a deal was announced at the end of August 2016 .

Asia Gaming To Showcase Live Dealer Action - Asia Gaming will be practically demonstrating its live dealer baccarat at the ICE show next month. The Asia-facing online gambling provider is on the expansion trail and intends to make a big impact at the expo and conference in London.

25 Unlicensed Gambling Operators still in Czech Republic - Ondracka claims that the Finance Ministry has not been "resolute" in acting against the illegal operators, who he says include major companies.

2017 Aussie Millions Event 6 - Heads up, Boivin faced local pro Joel Feldman, but the Aussie proved to be no match for an on-fire Boivin who dispatched him with the runner up prize of A$78,440.

2017 Ice Totally Gaming - Next month's ICE Totally Gaming conference and expo will again be a truly international affair, following confirmation by organizers Clarion Gaming that a total of 67 jurisdictions and sovereign states will be represented on the show floor at ExCeL Centre, London.

Prince Edward Island Writes off Casino venture as Bad Debt - The debacle has resulted in stricter financial disclosure rules being introduced with which government ministers and their departments will have to comply - especially regarding loan and other write-offs of taxpayer monies.

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