Party Poker Plans $10 Billion Float

UNITED KINGDOM – Online gambling is big business in the London Stock Exchange and Party Poker is known as the world's leading online site for poker. This gambling empire plans a flotation amounting from eight to ten billion dollars. This is equivalent to British Airways and EMI put together and is fabulous for a company that did not even exist five years ago.

Sources in the gambling industry assert that this is the biggest issue of stocks in the history of online gambling, and that it will create new precedence for other online gambling companies. Eric Rutger, Editor in Chief of Pokerroom.cd confirms that the flotation is supposed to take place in a few days, and it will be interesting to see the "Clash of the Titans" in the bid for domination over the world's gambling industry.

If the flotation is a success, then Party-Poker Online is guaranteed to be a member of the Elite club of FTSE100 index, making its chief executive the highest paid employee of a British company. In fact, Party-Poker's executives are among the highest paid executives of any online gambling company. The founder of the company, Ruth Parasol owns at least 40% of the company, and with a worth of ten billion dollars, that comes to about four billion dollars, of which she intends to sell a quarter.

However, there are concerns in the gambling industry that the float may not be a success, as online casinos are a tough sell, especially in the United States, where the legality of such companies is still a grey area. These concerns are accentuated by the fact that Party Poker is a Gibraltar-based company with publicity shy owners. However, the numbers still speak for themselves, and there is little doubt that Party Poker will make a huge sum of money off the flotation.

Press Release - 2005-06-10 01:21:08