Party Gaming bets agressively then folds
It was only a few years ago that Party Poker ruled the online poker kingdom. It’s parent company, Party Gaming had just listed on the London Stock Exchange and was instantly valued at Billions of dollars. A hiring frenzy followed with an expansion of their brands to include Sports Betting and Bingo. Fast forward to the recent announcement from Party that they’re laying off 300 employess in their Gibraltar office.
Party is following another large player in the online poker biz. BoDog recently laid off roughly the same number of employees that helped manage their US facing operations. Many people are buzzing about this on the forums but the remaining big players like Poker Stars and Full Tilt Poker show no signs of following suit. In fact those two continue to grow even with the challenges of making withdrawals in the US pose some risk.
It will be interesting to see how the online poker business reacts to the next round of US elections in November. With many players thinking a Democratic win would signal change in many policies, perhaps the US market will someday open back up and welcome these operators back.
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Amrendra said
am September 11 2008 @ 8:17 am
It is interesting that even poker players are much concerned about the political events in USA.