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Poker Stars to move London Base
Pokerstars the worlds second largest Internet poker company is moving its operations to the Isle of Man , starting a possible stock market flotation.
The group, which is run by the Scheinberg family of Israel , has become one of the several gambling companies thinking of possible London listing alongside of Coral Eurobet, Betfair, Cassava Enterprises and Trident Gaming.
Based in Costa Rica , Pokerstars has secured a license from the Isle of Man Government and is making plans to move to the island later this year. It has appointed people to find a chief executive to run the company from its new home.
Bill Mummery is the head of the gaming development for the Isle of Man , and it said that the decision by Pokerstars to relocate was a milestone as the island sought for the position itself as a great place for the online gambling operators.
Another great point for Pokerstars was the change in January of rules barring companies from accepting casino and poker bets from America , where Internet gambling is unstable legally. Mr. Mummery said that he could not comment on suggestions that PokerStars might be considering a public offering.
However, he did state that moving to a jurisdiction with a strong financial backbone would help companies get backing from the City and other ways of funding.
PartyGaming the world’s biggest Internet Poker Company has encouraged smaller rivals to consider their strategic options.
Although PokerStars is still some way from taking a decision on a possible IPO, people believe that a listing would enable it to become one of the industries main consolidators.
Even though smaller than PokerGaming , PokerStars has a market share of about 10 percent has a strong franchise through its involvement with big tournaments such as the World Series of Poker Champions and the World Championships of Online Poker.
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