why is partygaming down 11% today?

[Harmonica]

UK gaming stocks down sharply after new US gaming legislation proposed




LONDON (Thomson Financial) - Partygaming PLC and other UK gaming stocks were down sharply in trading today after US Congressman Barney Frank introduced legislation that could benefit American gaming companies at the expense of overseas firms.
Frank, chairman of the US House of Representatives' Financial Services Committee, wants to introduce a Bill to lift the American ban on online gambling transactions. The legislation would allow licensed operators to apply for an exemption to the ban providing they have safeguards to stop underage gambling.

Partygaming was down 12.8 pct to 51 pence, while Sportingbet PLC was down 3.24 pct and Global Gaming Technologies PLC fell 5.6 pct. 888 Holdings PLC fell 2.3 pct to 118 pence.

The downturn in UK shares follows recent speculation that prohibitions on online gaming would be eased.

One trader noted that the selling of UK stocks was overdone, as the proposed legislation concerns security controls but does not constitute a comprehensive ban against British internet gaming firms. tf.TFN-Europe_newsdesk@thomson.com gh/slm COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

I nearly fell out of my chair when I checked my stocks. I dont get why this as had a bigger impact on Party's stock price. Also thought since Party was rid of the US market that they could no longer effect its stock price, think like one poster said that maybe someone has sold a load of stock. I personally think this stock as got potential. Isn't Party licensed by the very fact that its listed on the UK stock market, which doesn't it mean that it pays some taxes to the UK?.