|
 PartyGaming
launches financial
spread-betting
service
London-listed
PartyGaming, the
online gambling
company, has
launched an online
trading platform for
derivative-based
transactions
including financial
spread-betting and
contracts for
difference in
alliance with City
Index Group
Under the terms of
the alliance, City
Index will develop
the platform to
provide PartyGaming
customers with
access to global
financial markets
through which they
can trade CFDs in
the UK, Europe and
Asia, with the
additional option of
financial spread
betting for UK
residents.
The PartyMarkets.com
service will plug a
gap in
PartyGaming’sonline
gaming portfolio. It
will sit alongside
other brands
including
PartyPoker.com,
EmpirePoker.com,
PartyCasino.com,
PartyBingo.com,
PartyGammon.com,
PartyBets.com and
Gamebookers.com.
City Index aims to
gain access to a
large number of new
and potentially
lucrative punters,
as a result of the
deal. John O'Malia,
PartyGaming’s group
managing director,
said: “Our agreement
with City Index
enables us to
develop an exciting
new group of
products for our
customers that will
be exclusive in the
online gaming
market. Derivative
trading on financial
markets is already a
multi-billion dollar
market and we
believe this will
prove to be a
popular addition for
our customers.”
The Gibraltar-based
PartyGaming Group
was founded in 1997
by Ruth Parasol and
her husband Russ
DeLeon, who were
ranked at 97 on this
year’s Sunday Times
Rich List. In June
2005, PartyGaming
floated on the
London Stock
Exchange at a value
of £4.64 billion
($8.46 billion).
City Index provides
retail derivative
trading through CFDs,
foreign exchange,
options and, in the
UK, spread betting.
The group trades
primarily under the
City Index,
Finspreads and FX
Solutions brands and
also provides a
fully outsourced
white label solution
to numerous
partners.
Clive Cooke, chief
executive of City
Index, said: 'We are
delighted to be
working with
PartyGaming in
opening up the
financial markets to
a wider audience,
and are excited
about developing
what we expect will
prove to be popular
new products as part
of the PartyMarkets
offer over the
coming months.”
----
Gambling911.com News
Wire
Originally published
July 1, 2008 9:49 am
EST
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