Just one and a half years after its successful appearance on the London Stock Exchange, online gambling giant Empire Online is preparing to shut up shop. Reports in industry media this week have confirmed that Empire's Israeli owner Noam Lanir has agreed to sell his remaining shares in the firm to Party Gaming for $40 million American dollars.
First reported on the Y-news website this week, Lanir's actions indicate his involvement in the online gambling industry is coming to a close. The Israeli multi-millionaire has reportedly told sources that he intends to use the proceeds from the share deal to purchase real estate.
Lanir's departure from the industry comes as no surprise following what many have predicted to be the beginning of hard times for the industry as a whole. Empire Online's share price has dropped considerably in recent months along with many of its competitors. The main reason for the industry-wide slump in fortunes is attributed to the U.S. Government's decision to introduce legislation banning financial transactions from American institutions to online gambling operators. Empire Online's shares were worth $928 million when it first appeared on the Stock Exchange but is valued at a mere $244 million today.

Several Israeli analysts are predicting that Lanir's decision will have interesting follow-on effects on the industry. The two remaining Israeli companies Playtech and 888.com may also decide to sell up in order to recoup some of their losses caused by falling share prices.

Back to January 2007 Online Gambling News
Back to latest Online Gambling News
Back to Online Gambling Archive