Party Gaming And 888 Holdings In Merger Talks
Party Gaming and 888 Holdings, two of the biggest names in online poker, are in the middle of talks about a meger that would create a GBP1.6 million company.
Both Party Gaming and 888 are trying to recover from a financial crisi brought about by the introduction of laws prohibiting online gambling in their biggest market, the USA.
Party Gaming recently fell out of the elite FTSE 100 group of companies. Similarly, 888 Holdings dropped out of the FTSE 250 index. The companies' shares dramatically declined after they ceased operations in America.
Both companies have been public about the possibility of a merger. It is expected that more intensive discussions will take place in the coming weeks.
"All the players have been talking to each other for weeks. At one stage there were plans for attempting a multi-company merger but it was decided that this would be too difficult and that one merger at a time would be quicker," an industry insider said.
"The biggest problem facing gaming companies is that each one's pool of players has been dramatically reduced by the removal of the American market. Now when players sign on, there are a lot fewer people to play against, which means even those that are legally allowed to play are finding it less interesting," he added.
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