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Betting Companies Lose Value

All over the world the land and online casinos gambling is under scrutiny for monopolistic policies that hinder international trade and other policies. In the European Union the Commission is focused heavily on eliminating land and online gambling monopolies that violate the EU’s policy on free trading. Now it seems that the Australian government is planning to equally open up the country’s land and online casinos gambling and betting industries in large part because they do not promote and foster positive trade relationships with other countries. The new Australian legislation though that will open the country’s land gambling industry may leave a few causalities in the wake of the new legislation.

The Victoria government just recently announced new legislation that ends the state’s duopoly that has existed in the land gambling industry. Victoria has also had complaints concerning the online casinos betting industry restrictions and is addressing those disparities as well. The new Victoria legislation though immediately affected the share prices of the two primary betting companies in Victoria, Tabcorp and Tatts. These two companies shares fell more than 20 percent on the Australian Stock Exchange after the state government made the announcement – we’re talking billions in lost value for the two companies.

In light of the opening of the Victorian land and online casinos betting and gambling market, the two companies will be forced to look into new streams of revenue. As for how the companies will fare, a Citigroup analyst, Jenny Owen, commented on where to go from here, "Tatts will now need to actively pursue other growth options. The Tatts balance sheet can accommodate further debt.”