View more on these topics

New Star’s Whittaker keeps his bets on the table

New Star UK growth man- ager Stephen Whittaker remains bullish on online gaming stocks despite $5bn being wiped off the sector’s value last week after the US government banned internet gambling.

He says he sold his stake in PartyGaming after last week’s crash because it had the biggest exposure to the US market but he retained stakes in 888 Holdings, Sportingbet and Empire Holdings because he believes prospects for the sector outside the US remain positive.

Whittaker saw the gambling stock weighting of his 396m fund drop from 5.2 per cent to 2.9 per cent last Monday but he believes the sector is set to benefit from consolidation and growth in Europe and Asia.

He says he will consider increasing his holdings in gaming stocks in 12 months time, when he expects the longer-term prospects to be clearer. Whittaker says: “I think gambling is a human instinct and impossible to contain. Online gambling only represents 2 per cent of the market so the sector will grow very strongly.

“PartyGaming was the most US-exposed company and I may even consider buying it back if it fell fur- ther. America is not the whole world and places like Macau make Las Vegas look like toy town.”


This week in Politics

The stormy shores of Dorset were not the most inviting of places last week for anyone trying to wring financial services policy details out of David Cameron’s cuddly sunshine Tories.

Second time around for FTBs in CML stats

The Council of Mortgage Lenders has made the startling admission that its first-time buyer statistics do not actually relate exclusively to first-time buyers. The trade body’s revelation this week casts doubt over the accuracy of its published research on one of the most emotive economic subjects. A first-time buyer is classed by the CML as […]

Another throw of the dice

Risk Helen Pow assesses the return of investors to riskier areas of the markets

ABI wants ‘E-number’ approach to menu

The Association of British Insurers is calling for a radical simplification of the pay- ment menu to follow the label- ling requirements for food packaging. Head of distribution Alex Roy says the current menu design is too complex for consumers and the association believes that simple, visually appealing labelling echoing the Food Standards Agency requirements […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment