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PartyGaming wins jackpot of £5 billion

Online Poker company now bigger than Rolls Royce

Tuesday 28th June 2005

PartyGaming shares swelled yesterday after the company achieved the biggest London flotation in five years. Its market value is now about £5 billion ($9.1-billion U.S.).

Initially, PartyGaming priced its shares at £1.16 each, giving a market value of £4.6-billion and guaranteeing a place in the FT-SE 100-stock index of blue-chip British companies. Amazingly, the stock traded at heights of £1.325 and trading closed 11 per cent higher at £1.29.

Chief executive officer Richard Segal said the group would target Europe and Australia as its main areas for growth, with Asia a 'medium-plus-term' target.

'The reason why we're poker focused is that the group has had extraordinary success a result of that, our other products, casino and bingo, have been to a degree neglected,' he said.

Source: OnlineCasinoNews

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