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Ig Sportsbetting 35% Drop in Stock
Spread betting firm IG Group has reported a 35 percent decline in share price, which it claims is the result of the extreme volatility in the markets. IG said clients were becoming "increasingly accustomed" to the wild market swings of the past 18 months, leading to smaller jumps in revenues on more volatile days.
Shares tumbled as much as 35 percent as UK revenues fell 7 percent to GBP 31.5 million in the quarter to February 28 - wiping more than GBP 300 million off the firm's value. Australian revenues were also down and the group's Japanese business, FXOnline, has been badly dented by the country's swift slump into recession.
The firm allows punters to bet on the direction of shares and markets as well as the outcome of sporting events. Spread betting requires a small upfront stake, but potential gains and losses are magnified.
A clampdown on credit controls since October - including automated margin calls and quicker closing-out of loss-making punters - has also dampened revenues, as well as tough trading comparisons with the same period last year. The company is reducing its exposure to customers with large long-term exposure to single stocks, and said that third-quarter charges were due largely to clients with positions in place before the "more stringent" controls were enacted.
The firm, which has 550 staff and more than 32 000 customers in the UK, revealed that new account openings remained strong over the quarter at 18 700.
"It remains difficult to predict future trends in volatility or customer reaction to changing market and economic conditions," a company statement said.
NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday -
Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.
Pro League Reveals Sportradar Contract Details -
The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.
NFL Odds: Steelers Visit Undefeated Chiefs #TNF -
The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.
Mega Moolah strikes again -
The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.
2 New Slots For Microgaming Casinos -
David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.
MLS Odds: Red Bulls vs. Whitecaps -
The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.
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