This one hit the markets running today. Despite negative publicity it was well supported so I jumped in for a small holding--anyone else joining in?? I am hoping for a good run up before the shorters get going.

+ it now allows for consolidation in the sector hence the rise. SBT looks as though it could be on someone's radar.

Business Financial Newswire
"PartyGaming has acquired online bingo operator Cashcade in a deal worth up to 95.9m.

Cashcade owns bingo websites including Foxy Bingo, Think Bingo and Bingo Scotland, as well as casino sites such as GetMinted and Foxy Flutter.

PartyGaming says the acquisition is expected to be earnings enhancing before amortisation of intangibles in 2009.

The cash deal is made up of an initial 71.9m and up to 24.0m based on future profit performance. Cashcade has been acquired on a debt-free, cash-free basis.

In the year to end December, Cashcade generated net revenue of 44.9m and EBITDA of 12.2m.

PartyGaming is financing the acquisition from its existing cash resources. "

Can't quite see why it should open 10% down

There hasn't been a rights issue to my knowledge and doesn't pay a divi

got me stumped im sure someone will come up with a reason. Ive held it for 2 years through think and thin so whats the difference to holding on for another 2. I expect consolidation in the sector eventually

LONDON, Oct 20 (Reuters) - "Indian billionaire Anurag Dikshit is to sell two thirds of his 28 percent stake in online gambling firm PartyGaming (PRTY.L), according to a statement released via Business Wire.
Dikshit, who is the company's second biggest shareholder and a co-founder of the company, will sell 75 million shares or about 18 percent of the company via an accelerated offering to institutional shareholders.

The shares are worth just over 213 million pounds ($350 million) based on Monday's closing share price of 284.5 pence.

Dikshit pleaded guilty last December to breaking the law against Internet betting in the United States and agreed to forfeit $300 million. PartyGaming itself has since settled a similar dispute with the U.S. Department of Justice.

He will continue to hold about 39 million shares or 9.5 percent of the company following the sale, remaining its second biggest shareholder."

oh well its only a loss if you sell...hopefully they might take another hammering and buy in at a much lower price..the averaging down will let me get out a lot quicker on the way up. far more comfortbale doing so now they have settled the action in the US

Goldman sachs doing the placing & rumour is that the book is almost closed now.
Immmediate price target 255p (Ironically set by G.S.) but would expect the sp to recover pretty quickly.

Thanks for that Harry.

'Open A Buy Bet In The PartyGaming Rolling Spread '
Fundamentala and Technical view on www.uk-analyst.com

Business Financial Newswire
"Online financial spread betting, foreign exchange and derivatives broking firm London Capital Group has signed a three-year contract with PartyGaming to provide a white label financial spread trading platform.

The trading platform is now live at www.intertrader.com "

Business Financial Newswire 11.01.10
PartyGaming has signed a five-year agreement to provide a platform for poker and casino games for the Danish government-controlled Danske Spil betting group.

Denmark published draft legislation in 2009 for a partially liberalised gaming market, expected to become law in 2011. Poker and casino will be among the games subject to open competition.

PartyGaming CEO Jim Ryan said, 'This is a landmark B2B deal for PartyGaming and validates our strategy to become a leading provider of B2B services to both corporates and governments around the world.'

Wow... PRTY is already off support level... just waiting when to enter.

As much chance as Yell

i have never understood the appeal of on-line gambling, though if you are a serious and good poker player, there's certainly a lot of pigeons to pluck ..... have never been remotely attracted by this sector .... what's smacked this one today? .... must be more than general malaise

Online gambling can be very questionable... you can be playing with a computer which always win!

*PARTYGAMING, BWIN AGREE TO MERGE*

About as good as buying Yell

StockMarketWire.com
Online gaming group PartyGaming said group revenue was up 9% to 85.3m in the quarter to end-September (2009: 78.3m), with growth in all products except poker.

Casino revenue was up 2% to 34.9m (2009: 34.2m), driven by content and jackpot improvements on PartyCasino.

Poker revenue was down 5% to 29.6m (2009: 31.3m) with continued pressure from US-facing sites partially mitigated by growth in newly regulated markets.

Bingo revenue was up 36% to 13.1m (2009: 9.6m) driven by the acquisition of Cashcade.

Sports Betting revenue rose 86% to 5.4m (2009: 2.9m) on the back of both increased turnover and gross win margins.

PartyGaming said current trading was improving on the back of seasonality, in-line with expectations .

The group said the Bwin merger was proceeding as planned, with Simon Duffy confirmed as Chairman-elect of the merged company.

Jim Ryan, CEO, said: "Total revenue was up by 9% year-on-year with growth in all products except poker, despite the impact of having closed our French casino business at the end of June 2010. Excluding French casino, total revenue would have been up by 12% year-on-year, driven by casino growth in other markets, acquisitions and a strong performance in sports betting.

"We have been encouraged by the strong start from our nascent French poker network that went live on 1st July 2010. A strong performance by PartyPoker in France has been further boosted by the launch of PMU's poker business in France as well as services for AB Groupe and Aviation Club de France.

"I am also pleased to report that the proposed merger with bwin remains on track to complete at the end of Q1 2011, subject to regulatory and shareholder approvals and I am delighted that Simon Duffy has agreed to become Chairman of the Enlarged Group on completion, as detailed in a separate press release issued today."

I like the look of prty (Partygaming) notice how its come off a double bottom at 210p and the macd line has crossed up through the trigger line with RSI at a reasonable level and volume getting heavier. SP also passed through resistance at 250p on its way to 280p first and beyond I reckon.

Intraday we look like we are about to have hit support and start again on the ladder up.

Its very interesting to see what Buys brokers have recently pencilled in for this going forward.

PartyGaming PLC

FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Panmure Gordon
01-12-10 BUY 92.30 19.00 103.00 21.30
Peel Hunt
30-11-10 BUY 71.98 15.24 81.85 16.95
Shore Capital
26-11-10 BUY 48.91 16.76 62.77 18.37
Evolution Securities Ltd
24-11-10 BUY 69.14 14.30 75.48 15.57
Numis Securities Ltd
17-11-10 BUY 82.94 18.65 94.13 20.51
Execution Noble
16-11-10 BUY 78.16 16.97 91.51 19.66
Collins Stewart
08-11-10 BUY 19.04 18.18
Daniel Stewart
28-06-10 BUY 73.24 19.09 88.95 21.30

2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Consensus 68.02 16.19 66.79 15.89
1 Month Change -4.92 -0.79 -16.75 -2.53
3 Month Change -7.19 -0.77 -20.29 -2.73


GROWTH
2009 (A) 2010 (E) 2011 (E)
Norm. EPS -13.52% 39.47% -1.86%
DPS % % %

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA 77.93m 88.13m 109.40m
EBIT 51.64m 59.55m 65.48m
Dividend Yield % % %
Dividend Cover x x x
PER 21.71x 15.56x 15.86x
PEG -1.60f 0.39f -8.50f
Net Asset Value PS -11.52p 42.68p 51.21p