Party Gaming

Party Gaming went public in 2005 with an initial price of 125.50 pence but lost a third of its value a year later when the UIGEA was passed and the company had to close its doors to its American business. As of January, the company was trading at 29 pence, the company then consolidated their stock which added 10 times the value to the stock price. The Party Gaming stock price then jumped to a high of 312 pence due to rumors that the company was close to settling with the US Department of Justice. A settlement was never made and the stock is now trading at 124 pence.

World Poker Tour Enterprises

2008 has been a tough year for World Poker Tour Enterprises who has faced set back after set back. First, its online gambling site didn’t take off as expected and was closed this fall as a result. The company was also forced to take a less than lucrative TV contract with FSN after GSN opted not to renew their contract. The WPTE was told this summer by NASDAQ that it may lose its spot on the exchange due to its trading price falling below $1 for more than a month. Because of the financial crisis, the action against the company was suspended until May 2009. WPTE stock is currently trading at 36 cents though it start

Party Gaming has recently just signed a deal with online gaming software giant CryptoLogic to offer their suite of online casino games in Party Gaming’s online casino. The recent deal appears to be just the beginning in what might be a long term relationship between the two companies. Now there are rumors that the two companies are talking about pooling their online poker resources to benefit both parties.

Although CryptoLogic has had an excellent year in terms of new casino deals, they have had a rough few months in terms of their online poker clients. Recently World Poker Tour Enterprises cancelled a three year deal with CryptoLogic while earlier in the year they lost a long time staple in their lineup, William Hill. Rumor has it that CryptoLogic is talking with Party Gaming hoping to soften the blow of their recent troubles with their online poker clients.

Another likely reason for the supposed partnership is that the two companies are looking to save costs and increase revenues in an attempt to save their positions in what has been a rather tough market the past few year. Party Gaming was hit hard by changes in the American legal environment and CryptoLogic’s poker network has been suffering since then as well. Both companies are looking to ultimately cut costs and bolster their once mighty and powerful poker networks.

CryptoLogic will be refocusing their efforts in the coming months and years to their online casino businesses, which are their most profitable. They are looking to Party Gaming to help them keep the poker business afloat and hopefully venture into a new era of profitability. CryptoLogic currently has many new projects in Asian and Pacific Rim nations that are helping to increase their casino business in what is seen to be an expanding market.

The folks here at Twisted Gambler wish Dikshit and all of his new buddies at CryptoLogic the very best. After all, without fine companies like these we wouldn’t be in business. And without Dikshit, we couldn’t poke fun at perhaps the worst name in the history of mankind.