Unibet Declines After Ladbrokes Margin Warning: Stockholm Mover
Unibet Group Plc (UNIB), the Swedish- listed, Malta-based online gaming company, fell the most in six weeks after Ladbrokes Plc (LAD) said a decline in online profit will be worse than expected, partly due to poor gambling margins.
Ladbrokes, the U.K. operator of about 2,100 betting shops, fell the most in three years plunging as much as 10 percent, the biggest intraday drop since May 2009 and the worst performance on the FTSE All-Share Index. Unibet fell as much as 3.6 percent to 174 kronor in Stockholm trading and was down 2.2 percent to 176.5 kronor as of 1:30 p.m. in the Swedish capital, giving the company a market value of 5 billion kronor ($708 million.)
Investors drove down other gambling shares, with Bwin.Party Digital Entertainment Plc (BPTY) falling as much as 7 percent after UBS cut earnings estimates. William Hill Plc (WMH) declined as much as 2.9 percent, while Stockholm-based Betsson AB (BETSB) was down as much as 2.2 percent.
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