Ladbrokes Buys Stakes in US-Based Stadium Technology Group
One of the United Kingdom’s largest bookmakers has bought a 65 per cent stake in US-based Stadium Technology Group, which specializes in sports betting technology and is used by a number of Las Vegas sportsbooks.
“The size of the US market and potential for positive regulatory change in the coming years make it a sensible place to establish a presence,” said Richard Glynn, Ladbrokes’ chief executive. “Stadium Technology is already one of the key software suppliers to casinos in Nevada and Delaware and it has the potential to expand.”
The US Justice Department announced in December that it will no longer apply The Wire Act to poker, however, the Act will still be imposed upon sports betting, which is illegal in all but four US states. New Jersey Governor Chris Christie signed a bill on Tuesday that would open the door to legalized sports betting in the Garden State once a federal law is overturned. The state is preparing to have that law repealed.
Ladbrokes rival William Hill said it anticipated operating profit to fall by £2.8m to £274m for the full year to December 27, compared with the same period last year, however, this was due primarily to adverse football (soccer) results during the second half of the year.
William Hill shares rose 15.6p, or 7.4 per cent, to 225.3p, while Ladbrokes shares were up 2.2p, or 1.6 per cent, to 137.2p in late afternoon trading.
- Aaron Goldstein, Gambling911.com
