Online Gambling Firms Face Dubious Future
In the bottom reaches of the stock market, some investors are truly in a gambling mood. They're placing wagers on outfits like Youbet.com (UBET Quote), Play and Win (PWIN.OB:OTC BB) and Total Entertainment (TTLN.OB:OTC BB).
What's the lure? It's online betting, one of the hottest businesses on the Web and a new play for investors drawn to the hurly-burly of emerging markets. Three years ago, playing blackjack or betting on professional football online, to name just two kinds of action, were confined to a handful of sites; now there are about 650. Revenue, doubling annually, is expected to surpass $3 billion a year by 2003, according to River City Group, an industry consultant.
"The prospects are phenomenal," says Brian Haggerty, who invests in e-gambling stocks and edits eGaming News, an industry newsletter in New Jersey. "And the reason is, this industry is virtually unknown in terms of investment potential." ...
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