PARTYGAMING WHEELING AND DEALING IN ONLINE GAMBLING FUTURE
29 December 2006
Friday December 29, 2006
PartyGaming today snapped up the gambling assets of its smaller rivals Empire Online and Intercontinental Online Gaming for $66.3m (£33.7m) in shares.
The acquisitions will add Empire’s Noble Poker and Club Dice casino websites to PartyGaming’s stable, as well as Intercontinental’s Fair Poker, Magic Box Casino and Miss Bingo sites.
The two deals are expected to be the first in a wave of consolidation in the wake of US anti-gambling legislation passed in October. The crackdown has forced PartyGaming and all other London-listed online gaming operators to pull out of the world’s most lucrative gaming market.
Aim-listed Empire said it will become an investment company after shedding its gambling assets. The deal provides the exit that the group’s founder and chief executive, Noam Lanir, has been seeking for months. He has a 32.6% stake in the firm.
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20 October 2006ANTI-GAMBLING LAW COULD BE SCRAPPED SAYS PARTYGAMING BOSS
GUARDIAN UNLIMITED Simon Bowers Friday October 20, 2006 PartyGaming chief executive Mitch Garber has said he thinks there is a 50% chance of new prohibitionist US legislation which outlaws online gambling being scrapped within three years should the balance of power in Washington drift away from the Republicans. “That might seem like wishful thinking but we could see a strong backlash from US players … and there could be changes [of control] in the house and senate,” he said.Read full article