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PartyGaming Buys World Poker Tour Assets for $12.3 Million

Authored by Mark Hefflinger on August 26, 2009 - 11:01am.
Los Angeles - WPT Enterprises (NASD: WPTE), operator of the World Poker Tour circuit, TV show and ClubWPT.com website, announced on Wednesday that it has sold most of its assets to gambling website PartyGaming for $12.3 million.
tags: Games | Deals | Gambling | TV | Acquisitions | World Poker Tour | PartyGaming | WPT Enterprises |

PartyGaming Founder to Forfeit $300M in Web Gambling Case

Authored by Mark Hefflinger on December 17, 2008 - 10:20am.

New York - Anurag Dikshit, a founder and former officer and director of PartyGaming, an Internet gambling business, has pled guilty in Manhattan federal court to charges that he used the wires to transmit in interstate and foreign commerce bets and wagering information.

tags: Games | Law | Lawsuits | Gambling | PartyGaming | Anurag Dikshit |

U.K. Mulling Tax Incentives to Attract Offshore Online Casinos

Authored by Mark Hefflinger on February 23, 2007 - 1:29pm.

London - The U.K.'s finance minister plans next month to propose awarding offshore Internet gambling firms a British license in return for a tax as low as 2% or 3% on their revenues, London's Daily Telegraph reported on Friday.

tags: Policy | Gambling | U.K. | 888 | PartyGaming | Remote Gaming Duty | Ladbrokes |

U.S. Questions Investment Banks on Contacts With 'Net Gambling Firms

Authored by Mark Hefflinger on January 22, 2007 - 9:05am.

London - Following a string of arrests of online gambling company executives in the country, the U.S. Department of Justice has issued requests for information from several investment banks about their dealings with a number of gaming sites, Reuters reported, citing "banking sources."

tags: Gambling | Law Enforcement | DOJ | Reuters | 888 | PartyGaming | HSBC |

Online Gambling Ban Will Hurt U.S. Advertising Market

Authored by Jay Baage on October 9, 2006 - 11:02am.
The flagship of the online gaming boom – PartyGaming - is being removed from the blue-chip FTSE100 index on Wednesday. Moreover, UK-listed gambling firm World Gaming has put its shares on hold, because the proposed US ban on internet gambling threatens to dry up a vital source of revenue for the company. The decision - effective immediately - comes after "fundamental uncertainty over [the firm's] ability to continue trading", World Gaming said. Like other gambling firms, it relies heavily on revenue from US customers.
tags: Internet | Advertising | Law | Gambling | Europe | Investing | Law Enforcement | Poker | PartyGaming | Jay |

Analysis: Online Gambling Ban is a Step Backward, Not Forward

Authored by Jay Baage on October 2, 2006 - 10:55am.
Over the weekend, Republican legislators successfully slipped an online gambling prohibition amendment into a port security bill that leaders of the U.S. Senate and the House of Representatives agreed to pass. After being in the works for over 10 years, the legislation is now expected to be approved and signed into law by President Bush effective within two weeks. A general ban on online gambling is a bad idea and will adversely affect the US Economy in general and the media industry in particular.
tags: Games | Internet | Law | Gambling | Investing | Regulation | Legislation | Poker | PartyGaming | Stocks | Jay |

U.K. Poker Site PartyGaming Looks to Raise $2.1 Billion in London IPO

Authored by Mark Hefflinger on June 16, 2005 - 3:06am.
London -- PartyGaming, a U.K.-based online poker site, plans to raise up to $2.1 billion in an initial public offering (IPO) on the London stock exchange, Reuters reported. The company takes about 3% off the top of all hands played for money on its sites, pulling in an estimated $100,000 every hour. However, some investors are wary due to the questionable legal status of online gambling in many nations; 87% of PartyGaming's customers are in the U.S., where online gambling is illegal. "There is a significant risk that criminal or civil judgments may be sought against the group of directors," the company noted in the prospectus for its IPO. While PartyGaming does not operate in the U.S., it does advertise in U.S. media and receives funds from U.S.-based credit card and payment processing companies.
tags: VC | London IPO | PartyGaming | U.K. Poker Site |

Online Poker Firm PartyGaming Considering U.K. Flotation

Authored by Mark Hefflinger on January 27, 2005 - 6:12am.
London -- According to the Financial Times, U.K.-based PartyGaming, currently the largest online poker company in the world, is considering an initial public offering (IPO) on the London stock exchange. Analysts estimate that the listing would generate as much as $9.5 billion, which would make it the largest listing in London in more than three years. "PartyGaming has a leading market position, proven technology and is generating significant levels of profit and operating cash flow," said CEO Richard Segal. Segal added that his company had hired investment banks Dresdner Kleinwort Wasserstein and Investec to review its options, with an IPO being "one of the options" under consideration. PartyGaming runs three main brands (PartyPoker, StarluckCasino and PartyBingo) that currently account for more than half the global online poker market.
tags: Online Poker | PartyGaming | U.K. Flotation |