Ruth Parasol handles the functioning of PartyGaming since the 1997 year of its establishment, and it has a wide network with deep professional connections with many gambling sites. iGlobalMedia is the name of the company under which the operation of the whole group was carried out, and PartyGaming was the new appellation given to it subsequently.
Party Poker
PartyPoker, which is the main website of PartyGaming was set and put on air in 2001. The members which form its major shareholders include Vikrant Bharghava (who is Marketing Director, and joined in 1998), Parasol and her husband Russ Deleon, who works as a serial entrepreneur, and Anurag Dikshit, who is the Group Operations Director.
The first roulette and the blackjack games were tried and tested via computers by Michael Shackleford who is a Las Vegas-based consultant, during the 1990s. However, there were statements which Michael released which said that the "results clearly shower" that the games "weren't fair". On the other hand, Jon Mendelsohn, who is Parasol's spokesperson, also admitted that the odds were directed way too much "towards the house". However, he also went on to say that this happened as a result of "flaws in the software". Since then, they have been deploying their own proprietary software and have ceased using extraneous software solutions and products.
The IPO Value
The four shareholders mentioned above, in the month of June in 2005, made the company public by selling 23 percent of their total shares, and now it the London Stock Exchange carries the company's name. About £4.64 billion was the value of the company which was estimated initially. Soon, just within the span of a month, as a result of the company going public the price of the shares grew rapidly and the company's worth was more than 12 billion dollars.
However, this value of the shares fell in September the same year as a result of the effect of a cautious statement which was made regarding the company's growth concerns in future. On the other hand, good news came in the form that the FTSE 100 Index now included the company-and soon in the same year, by early December the same original IPO value was achieved again. During the time of IPO, no new capital was added and no more shares of the company were created. All that happened was a mere tossing of share between the four major shareholders.
