Brexit Causes Plunge of Ladbrokes, Paddy Power, William Hill Shares
Three of the UK’s biggest online gambling operators saw their shares plunge Friday following news that the Brits had voted to pull out of the European Union (a la the Brexit referendum).
Ladbrokes shares opened at 117p and were down 10 percent from Thursday.
Paddy Power/Betfair’s value plummeted 25 percent to 6500p per share.
William Hill’s shares were driven down to 237p from 300p.
Each company experienced a slight recovery by day’s end with Ladbrokes closing at 121.84 for a total drop of just under 6 percent. William Hill had climbed back up to 270p. Paddy Power, which is headquartered out of Ireland, fully recovered by day’s end.
Stocks in the US had fallen more than 3 percent Friday (the Dow Jones Industrial), which could result in a further decline in gambling company shares when markets open on Monday.
- Aaron Goldstein, Gambling911.com
