PartyGaming Founder To Sell Shares
Ruth Parasol, a key figure in the history of internet gambling, is to sell her remaining stake in Bwin.Party ahead of the company’s expected move into the United States market. Bwin.Party was formed following the merger of PartyGaming, which was founded by Parasol, and Bwin to create the largest online gambling firm in the world. It has recently partnered with the Borgota Hotel and Casino in Atlantic City in a joint bid to offer online gambling services in the state of New Jersey.
Earlier this year Bwin.Party applied for a Casino Service Enterprise License from the New Jersey Division of Gaming Enforcement. As part of this process, all significant shareholders in the company are required to submit their own individual license applications. The company has announced that Parasol did not wish to do this for reasons of privacy, and as such she will be selling her 7.16% stake instead.
Her shares will be placed into a trust which will dispose of them over the following three years, subject to Bwin.Party obtaining its license to operate in New Jersey. Russ DeLeon, Parasol’s estranged husband, is also disposing of his shares for the same reasons.
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