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Entain to Sell Poker Platform PartyPoker

Summary:

According to reports, the gambling conglomerate Entain is considering selling the popular online poker platform PartyPoker. Speculation suggests that Entain’s financial troubles are driving this decision.

Expected Proceeds:

Entain is working with Oakvale Capital to expedite the sale of PartyPoker, with potential earnings projected at 150 million GBP (approximately 175 million Euros). Historically, PartyPoker was valued at over 5 billion GBP in 2005, but has since experienced a significant decline in customer base.

About PartyPoker:

Established in 2001, PartyPoker quickly rose to become the largest online poker site globally by 2008. Despite past success through partnerships and events, PartyPoker has lost ground to competitors like PokerStars in recent years.

Financial Challenges:

Entain faced substantial losses in 2023, including a hefty penalty of 585 million GBP from the UK financial authority. The potential sale of PartyPoker may help alleviate some of these financial burdens for the company.

Conclusion:

The decision to sell PartyPoker reflects Entain’s need to address its financial situation promptly, as it navigates a challenging period. The sale could provide much-needed relief in light of recent setbacks.