This morning, I had a quick chat with my friends about gaming stocks - are they really defensive stocks?

I have lost some money back in 2002, from companies like Consolidated Gaming Group and Betcorp – Betcorp (I think that was the company name) was doing quite well, profitable business even was paying 5% dividend yield, but regulations changed and online gaming was banned in many US States, the company was closed after a month.

Governments around the world tend to be more anti-gaming, in Japan, for instance, they had introduced new levies which had impacted on Aristocrat’s share price in the past - in uncertain times or when the government is seeking extra tax - they usually increase tax on gaming companies or alcohol levies.

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Emerging markets are where the money is for gaming markets , but China is highly regulated, and other emerging markets have their own big economic problems.

 When you put those factors together – I think TTS and TAH are still better than others, CWN has both debt and also uncompleted development risks.  

In the way, I believe, if UniTAB was not merged and TAB NSW was not merged – that would give investors more choice - now Tabcorp has all of them - it’s both good and bad, it’s a diversified business but also exposed to weakness in tourism market as well. wall street movie

TTS is always an interesting company but illiquid. I have Tabcorp at moment and have been thinking adding some TTS to portfolio.

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Centrebet is a nice company with good technology but regulatory risks are high, there are also other Internet Gaming companies, most of them do not perform well but some consolidations has already happened and more is likely to come.