After debate in the inner cicle of the PokerStars headquarters, it seems that the online poker room will enter into the financial world sooner rather than later.
It had been rumored earlier this year that the company, jointly owned by Israeli businessman Isai Scheinberg, his family and fellow businessman Pinchas Shapira, were looking to sell their three-quarter ownership of the company. After discussing the option for a few months, the powers that be at what has become the largest poker room in the world have decided to offer their company up as an Initial Public Offering on the London Stock Exchange rather than sell straight out to another entity, according to an article in the London Sunday Times.
While the option of selling the business to other interests would present some immediate capital, the flotation could be much more profitable for the owners of PokerStars (the other quarter of the company is owned by the employees of the site). It is expected that the IPO could generate one billion British pounds when it reaches the market, which breaks down to just under $2 billion in American funds. As such, many international investment companies are lining up to get in on the action.
The majority owners of PokerStars.com have announced plans to part with their stake in the world's second-largest online poker site. Poker Stars, which was founded, and is 75% owned, by the Israeli Scheinberg family, has enlisted NM Rothschild, a large reputable merchant bank in London, to either sell or float the company in an IPO, in the hopes of receiving more than $2 billion.
Isai Scheinberg's venture into the world of online poker followed his career as a senior programmer for IBM in Canada, where he and his family now reside. Since the company's founding in 1999, he has run Poker Stars with the help of his two sons. The remaining 25% of the company is owned by Poker Stars employees.
Potential buyers of Poker Stars include Rank Group and William Hill, gambling companies better known for their bingo halls and sports betting, respectively. If Poker Stars floats in an IPO, however, it will likely choose the London Stock Exchange as its venue, following in the footsteps of many gaming companies, including PartyGaming, currently the largest virtual poker operator.
In addition to the potential sale or flotation of the company, there is also the possibility of a merger with 888 Holdings, an Internet casino company owned by the Shaked and Ben Yitzhak families, also of Israel. Such a merger would send shock waves throughout the poker world, as 888 Holdings would gain an even larger share of the online poker market, adding to the already substantial player base registered on its own poker site, Pacific Poker.
Many poker rooms have made this transition,we will wait to see what the future holds for Pokerstars.com
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