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PartyGaming Share Price Shoots Up 11.4% on News of Full Tilt Poker’s Like Demise

Written by:
Aaron Goldstein
Published on:
Jun/29/2011
PartyGaming

Following news that Full Tilt Poker, the world’s second largest online poker company, had its license yanked Wednesday afternoon, PartyGaming’s share price shot up to 148.20 on the day or 11.43 percent.

PartyGaming is home to the third largest online poker room, PartyPoker.  Investors may have sensed an increase in business with Full Tilt Poker players in Europe and other parts of the world now without a home.

The Alderney Gambling Control Commission (AGCC) suspended Full Tilt’s license under increasing pressure from the US Justice Department and players Stateside who are yet to be paid after more than two months of waiting.  US law enforcement indicted Full Tilt Poker and two of its executives on April 15, freezing accounts and charging both men with money laundering and bank fraud. 

The AGCC said in a statement this morning: “The decision to suspend these licenses follows a special investigation prompted by the indictments unsealed by US Attorney General’s Office in the Southern District of New York on 15thApril 2011, during which grounds were found to indicate that these licensees and their business associates were operating contrary to Alderney legislation."

The FTP site remained down heading into Thursday with a notice that said they were “down for maintenance”.

PartyPoker indeed appeared to be benefitting from Full Tilt’s closure already on Wednesday with “real cash” traffic up 3 percent according to PokerScout.com

- Aaron Goldstein, Gambling911.com Publisher

Business/Financial News

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