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Richard Segal, Chief Executive Officer and Martin Weigold, Group Finance Director of PartyGaming
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Online poker firm flush with cash
1/ 7/2005
PUNTERS decided to take a gamble on PartyGaming and it proved a winner as the value of the online poker firm hit £5.96bn.
PartyGaming shares were trading at 150.5p today following a strong day on Thursday when retail investors could but shares in the group for the first time.
Yesterday its shares closed seven per cent higher, up 10p to 149p rising - well above the price of 116p at the time of its initial public offering on Monday.
It means PartyGaming is on a par with retail giants such as Marks & Spencer and B&Q-owner Kingfisher in terms of market value.
The rise in the share price suggests investors have overcome concerns over the legality of online poker in the US where PartyGaming generates 90 per cent of its revenues. Other threats to the company come from intensifying competition.
But the Gibraltar-based firm, led by chief executive Richard Segal, said that case law in the US indicates only sports betting is prohibited.
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