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Casinos Come Late to Online Gaming Party
Britain's casinos have missed out on a boom in online gaming over the
past several years, but deals with sports-betting firms still offer a
belated route into the new multi-billion-dollar industry.
Online casinos and poker rooms are currently raking in hundreds of
thousands of dollars every hour of the day in a market valued at up to
$12 billion (6.8 billion pounds) a year globally.
But Stanley Leisure, Britain's biggest casino operator, has
apparently resigned itself to taking a back seat. On Monday, Stanley
sold its online casino business to Leisure & Gaming Plc for just 1.9
million pounds.
"If Stanley could have made it work, they wouldn't have sold," said
analyst Charles Wilson at Bridgewell Securities. "This shows the online
casino brands are so much more powerful than the bricks-and-mortar
casino brands."
And while shares in online gamers have recently taken a dive, the
companies are still generating large amounts of cash. PartyGaming, for
example, is earning revenue of just over $100,000 an hour and looks set
to do so with less competition than once feared.
Analyst Paul Leyland at Seymour Pierce said Stanley's problems were
shared by all bricks-and-mortar casino firms. "All UK terrestrial gaming
operators have struggled to gain traction online," he said in a research
note.
Read the
entire article at:
Reuters UK
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