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Shares in Bwin.Party have jumped in recent days with news that the company has joined forces with leading casino brands MGM Resorts and Boyd Gaming to offer online poker to US residents once legislation is passed in the States, some experts have advised not to get too excited, too soon.
Share prices rose 11p at 120.7p following the press releases. The firms have entered into a long term 15-year deal.
“This is a potentially huge long-term deal that, along with bwin.party’s excellent European assets and brands, supports our bull stance. Short-term risk remains over changes to German legislation, but we think this is priced in and the shares are good value on current estimates.” Said James Hollins of Evolution Securities.
Paul Leyland at Investec was a bit more low key with his thoughts. “We would not get carried away for three reasons. One, legalisation of poker is still likely to take some time and bwin.party’s ‘suitability’ is not guaranteed. Two, a US regulated poker market is likely to be far less lucrative than historical ‘.com’. Three, medium-term performance should still focus on Europe.”
Bwin.Party Digital Entertainment is known around the globe for brands such as PartyCasino.com PartyPoker.com and World Poker Tour.
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