An initial public offering expected to float for billions on the London stock market is the plan of a reclusive quartet of partners, including former Internet porn queen Ruth Parasol and her husband, Russ DeLeon, plus Indian Institute of Technology graduates and PartyPoker.com masterminds Anurag Dikshit and Vikrant Bhargava.
The foursome announced their plan June 3, saying their 1,100 staffers will receive £308 million in shares, averaging £281,000 per employee. The IPO could put £4.2 billion total into the quarter's pockets while still allowing them to keep 77 percent of the company.
Parasol is believed to have made millions in the 1990s running premium-rate adult chat lines and websites before she bolted from the adult Internet entirely in 1997, switching her interests to online gambling. She and DeLeon, both law school graduates, live in New York with their two children and serve as consultants.
PartyPoker.com is said to average 70,000 users playing against each other at any given time online. The staffers' shares will go into trust for options packages over five years, according to published reports detailing the IPO plan. "It's a very generous gift," chief executive Richard Segal – whose own 1 percent stake in PartyPoker.com is expected to be worth more than £57 million – was quoted as saying.
Inside Edge editor James Hipwell was quoted as saying the online poker explosion is rooted in the social aspect of the games. "It is actually very sociable as you can chat with other players," he told reporters. "It is still mainly young male players, although we believe women are beginning to gamble online in increasing numbers."
