A different perspective on the Party Gaming float....... |
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Posted Sun Jun 12, 2005 6:02 am GMT by Geno
I have been keeping a close eye on the news surrounding the PartyGaming floatation on the London Stock Exchange initially because I wanted to try and get a slice of the IPO but also just because it is a major step forward in the globalisation of online poker under the new relaxed UK gambling laws. So far, most information has been free from opinion but an article in today's online Telegraph (a well respected UK newspaper) puts an opinion and a different perspective on the float. I found it very interesting, you may not but here it is anyway. Personally, I think they guy is off the mark in a number of areas but he does make some good points and it's worth a read:
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2005/06/12/ccluke12.xml&menuId=242&sSheet=/money/2005/06/12/ixcoms.html
(The IPO of PartyGaming is ONLY available to institutional investors according to their underwriters Dresdner Kleinwort Wasserstein by the way)
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Posted Sun Jun 12, 2005 9:04 am GMT by Idaho
Interesting stuff. Especially the point about none of the companies having any technological edge and that there is virtually no brand loyalty.
Posted Sun Jun 12, 2005 10:09 am GMT by wEbMaStEr
Far be it for me to criticise someone who is obviously well versed in business matters, but i think this guy is pretty much talking about something of which he knows very little.
Ok, i give him that there is no way that the Major poker sites can keep up the current level of growth in the long term. certainly no longer than the next 10-15 years. I also concede that the large gaming players within the US will either force complete prohibition of online gaming or will force it's legalisation and themselves become involved, thus shrinking the Major's share of the market.
However, the future of online gaming, and this comes from within the online gaming industry itself, lies not in the US but in the emerging markets of Central/Eastern Europe and Asia. The US may be the largest market currently, but what's 250 million people compared to 3 billion in Asia? These markets are virtually untapped as of right now, but as the internet rolls out to these emerging markets..... it's only a matter of time.
And this is a market in which gambling is culturally ingrained. Excuse me if that seems like a racist generalisation, but it is how it is percieved.
As for Johnny-come-lately sites flooding the market with unbeatable offers, and no brand loyalty, how would he explain Pokerstars' ability to remain the 2nd biggest site, when it offers no sign up bonus? and merely an infrequent 20% reload bonus?
At the end of the day, where would you rather play? a site which has been running a month and has 400 players on it, offering you a 100% sign up bonus, or somewhere with 40,000 players offering 25% and 4 years reputation?
Do i think it's a good investment?
Well if you offered me the chance to buy into Party right now i would snap your hand off. Would i be willing to do the same thing in 2 years time? Probably not 
Posted Wed Jun 15, 2005 9:06 am GMT by Idaho
I believe the financial spreads are offering 115p a share at the moment on the 'gray' market. Get in there if you are confident.
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