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Online Poker Deals Punters a Bad Hand
There were 27 pages of
risk warnings in the prospectus for the flotation of PartyGaming, the
online poker company, covering everything from the threat of regulation
in the US to the prospect of its directors being jailed.
But none mentioned the risk that, just three months after flotation,
the directors would discover its growth rate was slowing and that the
amount it was making from each poker player was falling.
PartyGaming was supposed to be the hottest growth story around. True,
no one was promising the market could continue to grow at the 366 per
cent achieved last year, nor even the 100 per cent predicted by industry
analysts this one.
But the profits warning breaks what one banker describes as rule number one of
new issues: make sure the first announcement after the float does not
disappoint. ‘In fact,’ he adds, ‘rules two three and four are exactly
entire article at:
2005 Online Casino News