As Some Online Gambling Entrepreneurs Reel From The Results Of Recent Legislation, Company Consolidation Is The Key Word

Their online news site Y-News reported last Wednesday morning that marketing expert, Noam Lanir, the Israeli online gambling and online poker entrepreneur, received $40 million for the sale of his remaining shares in Empire Online to PartyGaming.

All signs point to Lanir’s exit from the online gambling industry, only the short time of a year and a half following his company’s being listed on the London Stock Exchange. Lanir has said that he will take the $300 million that he has received for his sale of Empire Online stock and put it in real estate.
It is expected that the sale of shares to PartyGaming, the world's number one operator of gambling Web sites, will be completed by week’s end.
Israel experts see this move as a sign that 888.com and Playtech, the last two remaining Israeli online gambling companies that are being traded on the London Stock Exchange, may be following suit since the passage of the U.S. Unlawful Internet Gambling Enforcement Act which bars United States financial institutions from doing business with online gambling sites.

When first traded on the London exchange, Empire had a value of US $928 million when first traded in London. But with the passage of the anti-gambling legislation, the share value in recent months has dropped significantly. Since a fall in share value of 80%, the company’s value now stands at US $244 million.

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