The Fall of PartyGaming|IT and Systems|Case Study|Case Studies

The Fall of PartyGaming

            
 
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Case Details:

Case Code : ITSY056
Case Length : 15 Pages
Period : 1999-2006
Pub Date : 2007
Teaching Note :Not Available
Organization : PartyGaming
Industry : Online Gambling
Countries : US/UK

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.



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Introduction Contd...

However, the introduction of the UIGEA badly affected PartyGaming's share price. Since October 01, 2006 the company's share price had been consistently going down. On November 30, 2006, the closing price of PartyGaming share was GBP 26.505 (Refer to Exhibit I for a stock chart of the company during 2005-06). As of December 2006, PartyGaming was planning new strategies to regain its lost business. According to company sources, it had decided to pay more attention to the European and Asian markets. It was also planning to come up with some innovative skill-based games instead of only offering gambling games. However, only time would tell how successful the new strategies would prove to be.

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About Partygaming

PartyGaming was founded by Ruth Parasol (Parasol). In the early 1990s, after graduating in law from the University of San Francisco, she joined her father Richard Parasol (Richard) in his adult entertainment business. In early 1996, Parasol became one of the co-founders of the Internet Entertainment Group (IEG), a pioneer in Internet pornography. However, in late 1996, IEG was involved in several lawsuits for alleged unfair and deceptive business practices such as false billing. Parasol was forced to sell her stake in IEG and so cut off all ties with the pornography industry.

However, by this time, Parasol had generated enough capital to start a new business and she launched an online gambling business known as starluckcasino.com (Starluck) in 1997. The software that Starluck used was licensed from a third party developer.

It offered virtual slot machines, blackjack6, and other popular casino games. Soon after, Starluck changed its name to iGlobalMedia and operated a network of gambling websites that offered games like poker and bingo. The company was headquartered at Gibraltar, a UK-based overseas territory7. According to the company's website, iGlobalMedia was regulated and licensed by the Government of Gibraltar...

Excerpts >>


5] http://www.lse.co.uk/SharePrice.asp?shareprice=PRTY&openmessages=%5B20923%5D.

6] Blackjack is a popular card game that originated in French casinos in the year 1700.

7] As of 2006, there were 14 territories referred to as British overseas territory under the British Overseas Territories Act, 2002. Earlier, these were known as "colonies" or "crown colonies." Although they were under the sovereignty of the UK, they were not considered as part of the UK itself. The territories had their own legal system independent of the UK.






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