Fidelity Takes Hit In Online Gambling Debacle
Published: Wednesday, October 04, 2006 Online-Casinos.com
FIDELITY TAKES A BIG HIT IN ONLINE GAMBLING DEBACLE
Euro 400.8 million shed in two days of share mayhem
The Telegraph reports that fund management giant Fidelity has emerged as a major casualty of the fall-out from the efforts by the United States to shut down internet gambling in the country.
The report claims that Fidelity funds are nursing a massive paper loss this week on their 7 percent stake in the world's biggest poker site, PartyGaming, which looks set to scrap its dividend and drop out of the prestigious FTSE 100 index next week.
Funds run by Fidelity have seen the value of their holdings in three of the main online gambling groups collapse by about GBP 270 million (Euro 400.8 million) in the past two days of falling share prices.
