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...recipe for growth: revenues almost doubled last year to $187 million, and more than 3 million bets per day now pass through the firm. But its profit margins are far lower than those of rival PartyGaming, for example, and its board recently decided against a public stock offering anytime soon...
Flush with success--and with profit margins of 60%--the firm went public on the London Stock Exchange this summer. The June 27 IPO, which valued PartyPoker at $10 billion, was Britain's biggest this year. Bhargava shared the pot with two other reclusive co-owners: a Net pornographer named Ruth Parasol, who switched from carnality to cards in the late 1990s, and Anurag Dikshit, an Indian software whiz whom Bhargava met when both were students at the Indian Institute of Technology in Delhi. They are not three of a kind, but they did cash out about one-fifth...
Gaming is going global, and to stock markets, with a force that's making fortunes for a cluster of little-known industry outsiders and giving monstrous headaches to regulators, legislators and traditional casino companies. Poker is growing most rapidly; this year an estimated $2.7 billion will be spent on Internet poker games, almost double last year's take and 10 times that of 2002. That breakneck growth can't continue--one reason PartyGaming's stock drifted below its IPO price--but other casino games like blackjack, as well as lotteries and sports betting, are finding new homes online. According...
...because it is online." In other places, from Hong Kong to Sweden, online wagering similarly runs up against a thicket of restrictions. In Britain, where punters regularly wager in betting shops, online gaming is now legal, which is why companies such as PartyGaming have gone public on the London Stock Exchange...
...explained shortly before the 1929 stock-market crash why prices would keep rising, and was so chastened that he vowed to leave the role of futurist to others. But PETER DRUCKER had plenty to say and did so in more than 30 books, and few in the business world have ever been so adept at seeing around corners. Drucker, who died last week at 95, foresaw inflation in the 1970s, the rise of Japan Inc. in the 1980s and the decline of unions in the 1990s. But his most far-reaching theories were on management and labor. He argued that...