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Copyright © 2007 Online Casinos
HEADLINE: SHIFTING ONLINE
POKER NETWORKS
Body:
Paradise found on International Poker Network in May
One of the big moves scheduled for the merry month of May stretching
ahead is that of Sportingbet's pioneering Paradise Poker operation,
which will be shifting to Boss Media's International Poker Network
in a prearranged deal that will see Sportingbet.com holding on
to the brand, but both companies benefiting from the increased
player liquidity.
Paradise and Boss Media already had a working relationship, and
in February the two firms agreed the three-year deal which will
see Paradise join the Boss network.
A spokesman for the company said that the software shift is to
be completed in May, making the Boss network a very significant
competitor in Europe with over 10 000 active, real-money players
visiting each day.
"The strengthened partnership will enable the two companies
to work together to bring second-to-none e-gaming products to
the market," said Johan Berg, Boss Media Chief Executive
Officer in a press release. "Our independence combined with
size now makes Boss Media's partner-based poker network one of
the most attractive on the market."
Launched in 1999, Paradise was one of the first major online
poker sites, and dominated the sector until displaced by the
likes of Party Poker, in the opinion of several industry observers
due mainly to superior marketing investment.
In November 2004, the UK public company Sportingbet.com acquired
Paradise and its proprietary software from Bonaire, a British
Virgin Islands company, believed to be controlled by three Canadian
technology buffs. By last reports, they remain Sportingbet's second
largest shareholder, with 11.5 percent, but their identities are
unknown.
With Sportingbet marketing know-how the site again rose in prominence
in 2005 with its “Million Dollar Freeroll” draw card
and other innovations, although it was never able to recapture
the top spot. Then, in the last quarter of 2006 and in common
with other UK public companies, the poker
site became a victim of the Unlawful Internet Gambling Enforcement
Act.
This caused a withdrawal from the US market and the loss of considerable
custom through banning US players, with a GBP 55 million (US $107
million) write-off, the devastating consequence of losing such
a large percentage of its players.
Ironically, in the 2 year period immediately preceding the UIGEA,
Paradise Poker achieved an operating profit contribution of $150
million, which triggered a payout to Bonaire's investors of over
GBP 20 million in terms of the original acquisition agreement.
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