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Fantasy Sports Becomes Next Online Casino Target
5 Oct 2006
You’ve heard of online casino poker, blackjack, and baccarat and you know all about props and sports betting. Have you heard about the latest trend in the online casino industry? If you haven’t, there’s no time like the present to be introduced. Called fantasy sports betting, online casinos everywhere are beginning to adopt and offer this new trend in online gambling to all of their devoted fans.
The CEO of a leading online casino company had this to say about the new addition to its online gambling community: ‘Our core competency is not online casino gambling, it's creating online communities, then selling products and services to those people. The idea is to reuse our core competencies in other products, and we believe fantasy sports are truly an opportunity,’ said The COO of the online casino group, Giggi Levy. However, investors feel a bit differently about this new move by the online gambling firm. The share price of the online casino company’s stock is down about 80 percent since May. No one actually believes that the firm can replace their US-based gaming business with fantasy sports.
The US Anti-Internet Gambling ban, which was approved by Congress late Friday evening, is awaiting approval from President Bush. Most industry insiders see the online casino company’s statement as a desperate plea for investors to hold on. More and more within the online casino industry, as US-based gaming is abandoned by leading online gambling groups outside of the US, several online casino companies are trying to salvage the loss by adding new features, programs, and gambling offerings to their sites; whether or not this move will work remains to be seen.
