Party Poker Floatation Could be Worth £2.3 billion
Filed in archive Poker on January 31, 2005
Online gambling giant, PartyGaming, who run the world's largest online poker room PartyPoker.com have announced they are looking to float on the UK stock exchange - and are likely to be valued at �2 billion+ and catapulting it into the FTSE 100.
The secretive Gibraltar-based company used to be known as IGlobalMedia and also run bingo and online casino sites - but its their flagship 'partypoker' brand, with a reported 5 million players on their database that puts them into the online gambling superstar league alongside Golden Palace and 888.com
According to the Telegraph, Partygaming made a profit of more than $350m last year but continue to remain tight-lipped about both its ownership and its revenues.
The report continues that this secrecy could prove to be a turn-off for prospective investors, as well as the well-known promiscuity of online users in switching to competitors sites on a whim. However, the financial banks defend PartyPoker's position by highlighting the 'liquidity' of the site and its popularity - ensuring users there's always going to be money in the pot and other people to play against. Read more of the article hereUltimately, I don't think anyone is denying the sheer size and success of PartyGaming. In the last 3 years its come out of nowhere to lead a booming market and does it extremely profitably - but unless it stops hiding behind its offshore facade, online gambling will remain a closed and unknown industry that while it may not always deserve its bad press, does leave itself open to criticism from all angles.
Tags: poker gambling
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Response from:
Alex Shennan
(10/27/05 11:35am)
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