![]() ![]() While PartyGaming had an online gambling license from the tax haven of Gibraltar, nearly 90% of its revenue came from the United States, where the authorities viewed Internet gambling as illegal and threatened legal action. However, this float – as with Internet gambling in general – was not without controversy. PartyGaming had become the dominant player in the booming online poker market with its PartyPoker brand having over 50% market share. PartyGaming, a start-up formed in 1997, launched a flotation (Initial Public Offering) on the London Stock Exchange that valued the firm at £4.64 billion giving it a larger market capitalisation than British Airways. June 2005 was to bring online gambling out of the shadows and into the spotlight. ![]()
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