..

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

El Salvador President Trades Bitcoin Naked and Now Country is Left Exposed

El Salvador President Trades Bitcoin Naked and Now Country is Left Exposed

“El Salvador now has the most distressed sovereign debt in the world, and it’s because of the Bitcoin folly,” economist Steve Hanke told Fortune. “The markets think that Bukele’s gone mad, and he has.”

Cryptocurrency to be Spotlighted on Dr. Phil Tuesday: Scam or Not?

Cryptocurrency to be Spotlighted on Dr. Phil Tuesday: Scam or Not?

Dr. Phil tackles the controversial topic of cryptocurrency: digital currencies that are being hailed as the future of finance by some and a scam by others. This show airs on Tuesday in most markets.

Bitcoin Skids to Six-Month Low as Fears of Ukraine Conflict Shake Markets

Bitcoin Skids to Six-Month Low as Fears of Ukraine Conflict Shake Markets

Bitcoin tumbled almost 9% on Monday to its lowest in six months as fears of a Russian attack on Ukraine saw riskier assets worldwide extend their sell-off.

Bookies: You Don't Have to Meet Your Players to Pay Them Any More With This App

Bookie Agent App for Paying and Collecting Money Without Having to Meet Face to Face

Introducing Agent Payment 4K.  It's a complete player payment control app only available at Power Pay Per Head. 

The Fed May Create a US Digital Currency

The Fed May Create a US Digital Currency

The central bank just released a 40-page study on the benefits and risks of a central bank digital currency (CBDC).  The agency avoided taking any type of stance on the matter.

Syndicate