Playtech warning hits William Hill - Tuesday 28th of July 2009

Gaming stocks are taking a pasting after a gloomy update from Playtech, which supplies software to the gambling industry.

Playtechs shares have slumped 93p to 359.25p - a 20% decline - as it said it expected full year earnings to be lower than expected. It said this was partly due to the general economic weakness, but in particular to a slower than expected start for its online betting joint venture with William Hill. Playtech took a 29% stake in the business last October.

The Playtech statement prompted an 8.25p drop in William Hills shares to 192p. The betting business issued its own announcement, admitting the online business had an extensive integration period in difficult trading conditiosn. But it said it was comfortable with market forecasts for the division.

Others in the sector are also suffering, with PartyGaming down 6.75p at 240.25p and Ladbrokes 2p lower at 177.25p.

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