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Others Experience a Rough Economy

The United States economy is entering a recession – there is little doubt about that fact in the international internet gambling industry. But because the U.S. current has a ban on offshore online casinos, those companies are not affected by the economic troubles in the U.S. Reports of a slackening UK economy on the other hand are a bit alarming for many internet gambling and betting companies. The UK and European online casino gambling markets provide a large portion of the international internet gaming revenue and a slowing UK economy could indicate rough times ahead for some companies.

The first apparent effect of the slowing UK economy comes as UK Sports Minister Gerry Sutcliffe announced that the “current market conditions” in the UK could mean that the government owned pool and betting business, Tote, may no longer go up for sale this Autumn. Many prominent online casino and betting brands were interested in purchasing or bidding on Tote in the coming months but as the economy slows, Sutcliffe is considering that now may not be the best time to sell of this valuable asset.

Tote is a very lucrative asset for the UK government because the company is able to operate within the UK online casino gambling and pool betting industry while generating significant income for the state coffers. Although the government would certainly pocket a large chunk of change for the sale of Tote, holding off on the sale until the economy turns for the better could mean a much larger bid price.

Goldman Sachs, an investment company with extensive experience in the online casino gambling industry is handling the bidding on Tote in addition to providing Sutcliffe with valuable market advice. So basically, although Tote is scheduled to go up for bidding in the Autumn the market conditions could delay the sale by many months.