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Tuesday, December 28, 2010
PartyGaming and bwin to Retain Brands Following Merger
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In recent days, PartyGaming and bwin announced merger plans to form a giant gambling group that could become effective toward the end of the first quarter of 2011. The merger, which had long been rumored before the companies signed an implementation agreement in July, is expected to create the world’s largest listed online gambling business.
The new company will operate worldwide with its existing brands under the name of bwin.party Digital Entertainment plc in which current bwin shareholders will hold a 51.6% stake, while current PartyGaming shareholders will hold 48.4%. Both bwin and PartyGaming will retain most of the core of their brands, but will be operated under the new umbrella company, which will be based in Gibraltar and listed on the London Stock Exchange. PartyGaming will keep its main headquarters in Gibraltar, while bwin will continue to operate from Austria.
The companies issued a 478-page document to shareholders on Thursday giving a detailed outline of the planned merger. Shareholders will vote on the merger at a joint annual general meeting on January 28th. Should the general meetings of both bwin and PartyGaming approve the merger, all shareholders holding bwin stock when the merger is effective will receive 12.23 PartyGaming shares denominated in GBP for each bwin share.
“The online gaming industry is going through a phase of consolidation, making market players’ size and geographic diversification more crucial than ever,” said Norbert Teufelberger, Co-CEO of bwin. “Our products and target markets complement one another perfectly, and we can continue to expand our technology lead in all key product segments: sports betting, poker, casino, bingo, and games.”
According to the document, the merger would create a business with unaudited net revenues of €696.2 million, unaudited clean EBITDA of €193.7 million, unaudited profit after tax of €99.4 million, and unaudited net assets of €1.27 billion after consolidation adjustments for the year 2009.
Jim Ryan, Chief Executive Office of Party Gaming, will join Teufelberger to become Co-Chief Executives of the merged company. Current bwin Co-Chief Executive Manfred Bodner will become a Non-Executive Director on the Board of the enlarged group. Said Ryan, “This is a transformational opportunity for both our companies to create the world’s largest listed online gaming business. With market-leading positions in poker, sports betting, casino, and games, the enlarged group will have a winning formula to exploit the growing online gaming market, supported by a strong balance sheet, significant cash flow generation, and a highly experienced management team.”
The merged company will continue to focus on business-to-consumer products, an area in which it enjoys considerable strength. However, because of the financial gains added through the merger, the company will also encroach into business-to-business and business-to-government endeavors. Teufelberger explained, “Our many years of online know-how, healthy balance sheet, and one of the largest pools of poker liquidity in any regulated market will make us an attractive business partner.”
There will also be focus on regulated and newly opened markets, as the company intends to make plans to enter the U.S. market if and when the current situation changes for the better. In 2006, bwin stopped taking bets from U.S. residents due to the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA). PartyGaming, which operates the popular online poker room PartyPoker, followed shortly thereafter. (Credit: Poker News Daily)
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In recent days, PartyGaming and bwin announced merger plans to form a giant gambling group that could become effective toward the end of the first quarter of 2011. The merger, which had long been rumored before the companies signed an implementation agreement in July, is expected to create the world’s largest listed online gambling business.
The new company will operate worldwide with its existing brands under the name of bwin.party Digital Entertainment plc in which current bwin shareholders will hold a 51.6% stake, while current PartyGaming shareholders will hold 48.4%. Both bwin and PartyGaming will retain most of the core of their brands, but will be operated under the new umbrella company, which will be based in Gibraltar and listed on the London Stock Exchange. PartyGaming will keep its main headquarters in Gibraltar, while bwin will continue to operate from Austria.
The companies issued a 478-page document to shareholders on Thursday giving a detailed outline of the planned merger. Shareholders will vote on the merger at a joint annual general meeting on January 28th. Should the general meetings of both bwin and PartyGaming approve the merger, all shareholders holding bwin stock when the merger is effective will receive 12.23 PartyGaming shares denominated in GBP for each bwin share.
“The online gaming industry is going through a phase of consolidation, making market players’ size and geographic diversification more crucial than ever,” said Norbert Teufelberger, Co-CEO of bwin. “Our products and target markets complement one another perfectly, and we can continue to expand our technology lead in all key product segments: sports betting, poker, casino, bingo, and games.”
According to the document, the merger would create a business with unaudited net revenues of €696.2 million, unaudited clean EBITDA of €193.7 million, unaudited profit after tax of €99.4 million, and unaudited net assets of €1.27 billion after consolidation adjustments for the year 2009.
Jim Ryan, Chief Executive Office of Party Gaming, will join Teufelberger to become Co-Chief Executives of the merged company. Current bwin Co-Chief Executive Manfred Bodner will become a Non-Executive Director on the Board of the enlarged group. Said Ryan, “This is a transformational opportunity for both our companies to create the world’s largest listed online gaming business. With market-leading positions in poker, sports betting, casino, and games, the enlarged group will have a winning formula to exploit the growing online gaming market, supported by a strong balance sheet, significant cash flow generation, and a highly experienced management team.”
The merged company will continue to focus on business-to-consumer products, an area in which it enjoys considerable strength. However, because of the financial gains added through the merger, the company will also encroach into business-to-business and business-to-government endeavors. Teufelberger explained, “Our many years of online know-how, healthy balance sheet, and one of the largest pools of poker liquidity in any regulated market will make us an attractive business partner.”
There will also be focus on regulated and newly opened markets, as the company intends to make plans to enter the U.S. market if and when the current situation changes for the better. In 2006, bwin stopped taking bets from U.S. residents due to the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA). PartyGaming, which operates the popular online poker room PartyPoker, followed shortly thereafter. (Credit: Poker News Daily)
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Sunday, December 26, 2010
PartyPoker Reviving Million Dollar Hand in January - 22nd December 2010
In January, PartyPoker will be bringing back one of its most popular promotions ever, the Million Dollar Hand. All you have to do is make a pair in a five-card poker hand to be awarded a prize, and a $1 million jackpot is on the line.
Accumulating cards is quite simple. You’ll get one for every 15 PartyPoints you rack up between January 5th and January 30th. When you’ve amassed five cards, you’ll have a hand. If it contains a pair, then $3 will be coming your way. If it contains two pair, then your prize will be upped to $10. If you manage to score three of a kind, then you’ll get a $20 cash prize. That’s pretty simple, right?
Players who land a straight in the Million Dollar Hand will take home $50, while those who pick up a flush will see $100 come their way. Players who make a boat will get $150, while anyone who hits quads will receive a $1,000 cash prize. Now, we’re into the big money, as straight flushes are worth $10,000. Finally, anyone who manages to score a Royal Flush will divide a $1 million prize pool, which means if two players hit it, each person will actually take home $500,000. If only one person makes a Royal Flush, they’ll take home the seven-figure jackpot.
The best part about the Million Dollar Hand is that PartyPoker is awarding every player his or her first card for free. No play is required! Just log into your PartyPoker account to see what your first card is.
Now, let’s review some of the terms and conditions of the PartyPoker Million Dollar Hand. First, you’ll only be able to acquire 10 cards per day for a total of two five-card poker hands. Second, if you fall short of 15 points, PartyPoker will carry them over to the next day. Third, you have to reveal your cards manually. In order to do so, log into your PartyPoker account and see what you’ve amassed. If you don’t reveal your cards, they won’t count.
PartyPoker players will have until the end of the day Eastern Time on January 31st to reveal any cards they’ve received and only points accumulated at cash game tables will count. Finally, as text found on PartyPoker’s website notes, "Cash prizes will be paid to players within an hour of them revealing their hand apart from Royal Flush winners, who will be paid on February 1st."
PartyPoker is one of the industry leaders when it comes to unique promotions like the Million Dollar Hand. In fact, the site is concurrently running a Million Dollar Hand VIP Points Race for Palladium Lounge members. Players will earn the same cash prizes as in the Million Dollar Hand and also rack up points based on their hand’s value. The top two spots on the leaderboard pay out a World Poker Tour (WPT) L.A. Poker Classic prize package worth $14,000.
The top 200 spots in the Million Dollar Hand VIP Points Race pay out, with a minimum prize of $100 up for grabs. The top 30 spots award four-figures and everyone who reaches the top 500 scores a seat into the Million Dollar Hand VIP Freeroll, which doles out a WPT prize package to its winner. Palladium Lounge members will receive extra race points for accumulating over 300 PartyPoints in a single day.
According to the traffic ranking site PokerScout.com, PartyPoker is the third largest site worldwide in terms of real money ring game volume with a seven-day running average of 3,600 players. It just edges out the iPoker Network, but is well behind PokerStars and Full Tilt Poker, which rank first and second worldwide, respectively. PartyPoker’s team of sponsored pros includes Poker News Daily Guest Columnist Mike Sexton, poker bad boy Tony G, and "High Stakes Poker" hostess Kara Scott. (Credit: Poker News Daily)
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In January, PartyPoker will be bringing back one of its most popular promotions ever, the Million Dollar Hand. All you have to do is make a pair in a five-card poker hand to be awarded a prize, and a $1 million jackpot is on the line.
Accumulating cards is quite simple. You’ll get one for every 15 PartyPoints you rack up between January 5th and January 30th. When you’ve amassed five cards, you’ll have a hand. If it contains a pair, then $3 will be coming your way. If it contains two pair, then your prize will be upped to $10. If you manage to score three of a kind, then you’ll get a $20 cash prize. That’s pretty simple, right?
Players who land a straight in the Million Dollar Hand will take home $50, while those who pick up a flush will see $100 come their way. Players who make a boat will get $150, while anyone who hits quads will receive a $1,000 cash prize. Now, we’re into the big money, as straight flushes are worth $10,000. Finally, anyone who manages to score a Royal Flush will divide a $1 million prize pool, which means if two players hit it, each person will actually take home $500,000. If only one person makes a Royal Flush, they’ll take home the seven-figure jackpot.
The best part about the Million Dollar Hand is that PartyPoker is awarding every player his or her first card for free. No play is required! Just log into your PartyPoker account to see what your first card is.
Now, let’s review some of the terms and conditions of the PartyPoker Million Dollar Hand. First, you’ll only be able to acquire 10 cards per day for a total of two five-card poker hands. Second, if you fall short of 15 points, PartyPoker will carry them over to the next day. Third, you have to reveal your cards manually. In order to do so, log into your PartyPoker account and see what you’ve amassed. If you don’t reveal your cards, they won’t count.
PartyPoker players will have until the end of the day Eastern Time on January 31st to reveal any cards they’ve received and only points accumulated at cash game tables will count. Finally, as text found on PartyPoker’s website notes, "Cash prizes will be paid to players within an hour of them revealing their hand apart from Royal Flush winners, who will be paid on February 1st."
PartyPoker is one of the industry leaders when it comes to unique promotions like the Million Dollar Hand. In fact, the site is concurrently running a Million Dollar Hand VIP Points Race for Palladium Lounge members. Players will earn the same cash prizes as in the Million Dollar Hand and also rack up points based on their hand’s value. The top two spots on the leaderboard pay out a World Poker Tour (WPT) L.A. Poker Classic prize package worth $14,000.
The top 200 spots in the Million Dollar Hand VIP Points Race pay out, with a minimum prize of $100 up for grabs. The top 30 spots award four-figures and everyone who reaches the top 500 scores a seat into the Million Dollar Hand VIP Freeroll, which doles out a WPT prize package to its winner. Palladium Lounge members will receive extra race points for accumulating over 300 PartyPoints in a single day.
According to the traffic ranking site PokerScout.com, PartyPoker is the third largest site worldwide in terms of real money ring game volume with a seven-day running average of 3,600 players. It just edges out the iPoker Network, but is well behind PokerStars and Full Tilt Poker, which rank first and second worldwide, respectively. PartyPoker’s team of sponsored pros includes Poker News Daily Guest Columnist Mike Sexton, poker bad boy Tony G, and "High Stakes Poker" hostess Kara Scott. (Credit: Poker News Daily)
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