Party Poker Floatation Could be Worth £2.3 billion
Filed in archive Poker by jo on January 31, 2005

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.
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