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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 |