Consolidation Rolls On In The Online Poker Industry

According to a news report on the Y-news site on Wednesday morning, Noam Lanir, the Israeli online poker and gambling entrepreneur and marketing expert has sold his remaining shares in Empire Online to Party Gaming for $40 million.

It seems that Lanir is heading out of the online gambling business a year and a half after the company listed on the London Stock Exchange. According to the report, Lanir revealed that he will use the revenues from the sale of Empire, which total $300 million, to invest in real estate.

Israeli experts interpret the move as a signal that the two remaining Israeli online gambling companies traded on the London Stock Exchange, 888.com and Playtech, may be about to make similar moves following the enactment of UIGEA, the Unlawful Internet Gambling Enforcement Act, which bans US financial transactions to online gambling sites.

The deal with PartyGaming, the world's largest operator of gambling Web sites, is expected to be finalized by the end of the week.

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