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Mohawks Gamble Deferred
With the forty percent stakes in Continent 8 Technologies PLC, Mohawk should have gone public in junior AIM market of London Stock Exchange today.
Mohawk of Kahnawake have decided to postpone Continent 8 public offerings due to the volatility of online gambling stocks in London.
Continent 8 has the sole agreement with the Mohawk Internet Technologies to offer its hosting services to online gambling sites.
Mohawk Internet Technologies is the leading host for online gambling sites. The company is known to serve sixty one clients that includes the leading pokers sites and online casinos.
Mohawk Internet Technologies had a net profit of more than seventeen million U.S. dollars in the first quarter of this year.
The online gambling market in London Stock Exchange has dropped down due to the indictment of Bet On Sports former CEO David Carruthers in U.S.
In the wake of indictment, the shares of other online gambling firms had fallen including the shares of PartyGaming, the leading gambling operator on the net.
Michael Tobin, chief executive of Continent 8 said that the shares had recovered in the past weeks, but the volatility and unstable condition in the Middle East crisis had reduced the investors appetite for gambling shares.
The company decided to wait until autumn for more positive changes in the gambling market.
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