Should We Believe Everest Poker?

Everest has claimed that they are not looking to be acquired, denying takeover rumors that have sprung up over the last week.

Melissa Pauleat, Director of PR & Events tells PokerNews.com: "I'd like to officially deny rumours that Everest Poker is being taken-over. We have solid plans for 2007 as an independent poker room and wish to remain independent to continue promoting online poker throughout Europe."

That might have cleared things up if not for the fact that online gambling companies have proven in recent months they aren't always the most sincere (a la Doyles Room's change of mind about leaving the US market three times in a three hour time span). 

Another online poker room, AbsolutePoker/UltimateBet, not only announced its intent to stay in the US market, they are also offering huge promos to US customers to show they mean business.  AbsolutePoker/UltimateBet are in a more favorable position, owning the poker software.  Doyles Room relied on a European poker provider that decided not to stay in the US market.

"Starting a new poker platform could take a year or more," said Bodog.com founder, Calvin Ayre.  Bodog.com also developed its own online poker program "in house" after several months of around-the-clock work. 

As for Everest, if a company the likes of Ladbrokes were to step in, this would certainly boost confidence in the former company. 

"Plans for an Everest Poker take over are unlikely to come to light until the interested party is ready to approach Everest," writes Paul Sandells of the Poker News.  "If, and it is an 'if' not a 'when' right now, any approach is made Everest Poker's parent company Gigamedia LTD (GIGM on Nasdaq) and any listed company making the approach are sure to make statements to their respective stock exchanges."

Lately, online gambling firm acquisitions have not exactly been going as planned.  While a major announcement early last month had Sportingbet being approached by Austria's BWin, that deal seems to have fizzled out - at least for the time being. 

---

Christopher Costigan, Gambling911.com

Originally published April 14, 2007 11:57 am ET