Online Gaming
PartyGaming was founded in 1997 as a network of gambling sites operated by Ruth Parasol in the Caribbean. The network eventually operated under an umbrella company called iGlobalMedia, which then changed its name to PartyGaming. PartyGaming's flagship site, PartyPoker.com, was launched in 2001. Its primary shareholders are Parasol, Group Operations Director Anurag Dikshit, Marketing Director Vikrant Bhargava (who joined the company in 1998 and 1999, respectively), and Russ DeLeon (Parasol's husband, Harvard attorney and serial entrepreneur). The foursome sold over 23% of their combined shares to take the company public on the London Stock Exchange in 2005. Dikshit and Bhargava stepped down from the company's board in May 2006. Dikshit announced that he will remain with the company as COO; Bhargava will continue as an advisor and shareholder of the company while pursuing other business interests.[1]
PartyGaming's holdings include the PartyPoker.com poker site, PartyCasino.com, PartyBingo.com, and Starluck and Planet Luck Casinos. In February 2006 PartyGaming introduced a new integrated platform, enabling multiple games to be played without requiring customers to log in each time and deposit funds in separate accounts. An online backgammon site, PartyGammon.com, was launched in mid-2006. In August 2006 PartyGaming acquired Antigua and Barbuda registered sports betting operator Gamebookers which focuses on the European market.
Party Gaming Revenue from poker in the years 2002-2006Due to concerns about the legality of online gambling in various jurisdictions around the world, the company is incorporated in Gibraltar. At one point, U.S. consumers represented around 75% of PartyGaming's revenues. In October 2006, PartyGaming pulled out of the US market following the passing of anti-gambling measures in the Safe Port Act, and the company's share price dropped 60% as a result.