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Most Recent Online Casino News
Gambling's Dicey Benefits - Gaming Grows
Gambling in all forms is enjoying ever-increasing revenues. Wagering
over the Internet is particularly strong in recent times. On June 27
PartyGaming, the company that runs the world's leading online poker
site, is expected to make its initial public offering, offering some 23%
of its shares on the London Stock Exchange.
Estimates of how much the company will be worth have fluctuated, but
according to a report Wednesday by Reuters, the share sales should raise
around $2.1 billion. That amount is less than originally thought, due to
worries about the legality of online gambling in the United States.
Reuters reckoned that PartyGaming, founded in 1997, has up to 70,000
people connected to the site at peak times. The company declared
revenues of $222 million in the first quarter of this year, with an
operating profit of $128 million, up by 81% on the previous year.
An editorial Jan. 6 in the Christian Science Monitor gave some data on
the rise of online gambling. In 1996 some 30 sites took in just over $30
million in bets. By last year this had grown to 1,600 sites, collecting
around $7 billion in wagers. This is forecast to increase to $9.8
billion this year.
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