PartyGaming Founder Folds Hand, Sells Shares

Gambling News - October 20th, 2009 - Written by Glen

Anurag Dikshit, founder of the PartyGaming Network, has recently sold two thirds of his shares of PartyGaming. When the announcement hit, PartyGaming's price on the London Stock Exchange began to plummet after a slow climb over the last several months.

The PartyGaming network hosts all forms of Internet gambling, ranging from casinos, sports betting, to their most popular form of gambling, an online poker room. PartyGaming is one of the largest and one of the very few publicly traded online gambling networks, and has made Dikshit one of the wealthiest men in the world.

Dikshit, who faced legal issues with the United States Government over the Safe Port Act's UIGEA, sold 75 million shares, or roughly 18% of the company for approximately $350 million dollars after exchange rates. This correlates to the $300 million dollar forfeiture imposed by the United States government in December of 2008.

Though Anurag Dikshit has sold most of his shares, he still remains the second largest shareholder in the company, maintaining nearly 10% of the available stocks. Nearly 40 pence per share was lost throughout the day, leading to a low of 245.7 pence per share on the market.

Analysts are predicting that the stock will rebound, especially if the United States makes a move in the right direction in regards to the Legalization of Online Gambling for USA Players. Some are suggesting that buyers take advantage of the lower rates, while others are saying to hold off on making a move. It is predicted that Anurag Dikshit will sell his remaining shares, thus relinquishing any control he holds over the company, but the ever changing legal climate of online gambling in the United States, and indeed the World, could have a major impact on Mr. Dikshit's decision.

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