Another Online Gambling Site Flotation Rumored| Video Slots News> News Archive> 2006> April> Another Online Gambling Site Flotation Rumored |
27 Apr 2006
Poker Stars online gambling site is rumored to be considering floating in London. The online gambling site is the second largest poker site in the world. Rumors have been flying high in the online gambling world this week after the Sunday Times reported that Poker Stars, one of the leading online poker gambling sites is considering floating in London. The newspaper reported that the online gambling site is moving towards floating on the London stock market before the end of the year. The estimated pre-flotation value of the gambling site is measured at GBP 1.1 billion.
The Scheinberg Family, the majority shareholders of the online gambling site, had been considering options for an outright sale of the company. The family is reported to have been holding talks with a few investment banks – HSBC and Dresdner Kleinwort Wasserstein and receiving advice about whether it would be in the online gambling company’s best interest to be sold or to be listed. While there are no solid facts, it is thought that the advice received was to move in the direction of a listing of the online gambling site and not a sale.
Poker Stars, like other recently listed online gambling groups Empire Online Ltd., 888 Holdings and Playtech, is controlled by Israelis. The online gambling site’s controlling shareholders are Isai Scheinberg, who lives in Canada and a Tel Aviv based businessman, Pinchas Shapira, who jointly control a 75% share in the company. The remainder of the shares are believed to be owned by employees.
