Gaming Guru

PartyGaming stock nears all-time low

PartyGaming stock closed at 27 pence yesterday, its lowest close since one month after the American government signed the UIGEA into law and prompted the once mighty online gaming company to exit the lucrative U.S. market.

After opening at 129 pence per share on June 27, 2005, the stock has been on a roller coaster that mimics the industry itself, reaching a high close of 176 pence on July 28, 2005 and a low of 26 pence per share in December of the 2006.

PartyGaming stock nosedived after the company left the U.S. market

The stock held steady in the pre-UIGEA era, well above the 100-pence mark for most of the company's first year on market. But share value plummeted from 107 pence to just 45 on Oct. 2, 2006, when it announced it would leave the U.S. market.

Once the UIGEA became official on Oct. 13, 2006, the stock dropped again to the 34.5 pence per share mark. It would dip to 27 pence the following week and hit its all-time low on Nov. 8, 2006, closing that day at just 26 pence per share. It hit that mark again on Dec. 11.

PartyPoker, the largest brand in the PartyGaming family and once the largest of the online poker sites, immediately shifted its focus to Europe and continued to draw player.