PartyGaming is consolidating with acquisition of two 'skins'

PartyGaming is consolidating with acquisition of two 'skins'

	Published : Fri, 11 Nov 2005 16:45 By : Andrew Stead Print this Story

LONDON: Online casino operator PartyGaming Plc. is buying Scandinavian gaming company MultiPoker for $14.5 million. The company, the world's largest internet gaming group, also announced changes in its "skins" arrangements whereby it will reduce its dependence on other companies which drive gamblers to its gaming platforms for a fee.

PartyGaming will acquire the business, assets, player database and intellectual property of MultiPoker, including the brand and the website. MultiPoker has more than 255,000 registered players.

It has now virtually disbanded the "skins", buying out two out of four and snapping ties with another. It will now have a single system for its online betting.

The company said in a statement that it is changing its relationship with three of the four "skin" partners. While it is buying out MultiPoker; it is taking control of IntertopsPoker for 15 months and make it an affiliate; and it is ending the relationship with Coral EurobetPoker, which has decided to leave the WPC platform. As far as the fourth skin -- Empire Online, operator of EmpirePoker -- is concerned, it is making an open offer of 400 million pounds. The first two deals bring some 300,000 gamers to its website.

The company has already moved its PartyPoker.com brand and all of its players to a newly integrated operating platform.

PartyGaming's chief executive Richard Segal said the company is now looking forward to the launch of the Party-branded integrated platform in the first half of 2006 and expansion of the number of games.

PartyGaming was listed on the London Stock Exchange in June with a market value of 4.6 billion pounds, which rose to more than 6 billion pounds in a matter of weeks. However, income forecasts made in September wiped off some 2 billion pounds from its value.

The news about its plans for MultiPoker and IntertopsPoker lifted its shares 1.6 per cent to 93 pence.