Entain is reportedly considering selling its PartyPoker subsidiary, enlisting the help of Oakvale Capital to explore its options with the online poker platform.
Sky News’ industry sources believe the business could go for around £150m ($192m). The former parent company of PartyPoker, PartyGaming, had a £5bn ($6.4bn) valuation when it went public on the London Stock Exchange in June 2005.
bought PartyPoker in 2016 for £1.1bn ($1.4bn)
Entain, then GVC Holdings, bought PartyPoker in 2016 for £1.1bn ($1.4bn), but its popularity has waned in recent years. It had as many as 80,000 regular players at its height and was once the most popular poker platform in the world. PokerScout now ranks it outside the top ten poker sites in terms of traffic; GGPoker is currently the head honcho.
Entain’s share price is down over 40% over the past year following multiple regulatory issues and poor management decisions, with losses in 2023 reaching £878m ($1.12bn). These struggles led to the departure of Chief Executive Jette Nygaard-Andersen in December. An ongoing review of the group’s assets could also lead to a sale of Ladbrokes and Coral.
