PartyGaming's IPO a Huge Hit

PartyGaming, the controversial online-poker conglomerate, made a huge opening on its IPO in London market, giving it a market cap of more than $9 billion, the biggest on LSE in five years.

Reflecting Internet gambling’s surging popularity and profits, PartyGaming, which owns the PartyPoker site, priced at 116 pence ($2.12) per share and traded as high as 132 pence per share.

Reuters: Poker has become a big money-spinner for Internet gambling companies, which estimate the world Internet gambling market between $7 billion and $12 billion per year and with 20 percent annual growth.

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