PartyGaming to Buy Victor Chandler

Speculation is mounting that PartyGaming will buy sports betting and online casino firm Victor Chandler.

PartyGaming is the largest online gaming company in the world, with flagship products such as PartyCasino and PartyPoker, the world’s leading online poker room.

The Observer reported that PartyGaming is one of three bidders for Gibraltar-based sportsbook and online casino. Estimates have put the value of Victor Chandler at over $500 million, and with almost $1 billion raised from its flotation last year, PartyGaming has a substantial war chest to begin its consolidation of the online gaming market.

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ago, PartyGaming entered the sports bookmaking market with the acquisition of the Bulgarian-based Gamebookers for over $100 million. Victor Chandler is seen as an attractive target for PartyGaming as it does not accept bets from the US, where internet sports betting is currently in a confusing legal situation.

Victor Chandler and PartyGaming executives would not comment on a possible acquisition deal but Observer sources confirmed that PartyGaming was one of the interested parties. Negotiations are likely to begin next month when Victor Chandler returns from holidaying on his boat in the Greek Islands. In the meantime, Victor Chandler has hired Zeus Capital, a corporate finance firm, to evaluate the unsolicited approaches and advise on how to proceed.

Chandler inherited a floundering sports betting business when his father passed away but has turned the company into an empire through the pioneering of telephone betting. Victor Chandler turned over 1.4 billion pounds last year.

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Lucy Romero