Shares of PartyGaming, which are traded on the London Stock Exchange under the symbol “PRTY,” were added to the FTSE4Good Index on Friday. The FTSE4Good, according to a press release distributed on Friday, “is an innovative series of real-time indices designed to reflect the performance of socially responsible equities.”
Other gaming companies that are already included in the FTSE4Good Index include Ladbrokes, SkyCity, and William Hill. PartyGaming, a UK-based firm, now joins these companies in spreading goodwill for the online poker industry. FTSE4Good announced 36 additions to its index on Friday. Fifteen were from the United Kingdom and eight were based on Japan. Twelve stocks were removed from the index after failing to meet inclusion standards.
Reviews of stocks that will be added to or removed from the FTSE4Good take place every March and September. The FTSE4Good index series was launched in 2001. Since that time, there have been over 600 additions compared to only 235 deletions. So-called “sin stocks” are not able to become a part of the FTSE4Good index series; however, internet gambling is allowable. PartyGaming will officially be included on Friday.
In order to be considered for the index in the first place, a company must be working towards environmental sustainability, developing positive relationships with stakeholders, upholding and supporting universal human rights, ensuring good supply chain labor standards, and countering bribery. Companies in the tobacco, nuclear weapons, nuclear power, weapons systems, and uranium production sectors are not allowed entry. Reviews for inclusion or removal examine the company’s annual reports, websites, answers to written questionnaires, and other documents in the public domain.
Party Poker, the online poker room owned and operated by PartyGaming, is holding a special $50,000 tournament on Saturday, September 20th at 14:30 ET. To be eligible, a player must accrue 100 Party Points between now and Friday. The site is slated to debut new poker software, although what it will consist of or when it will be unveiled is not yet known. The company has also been in the spotlight after being sued by WMS Gaming, who alleged that PartyGaming infringed on its trademarks “Jackpot Party” and “Super Jackpot Party.” The Seventh Circuit Court of Appeals recently overturned a lower court’s $3 million judiciary judgment, claiming the district court did not interpret damages correctly. PartyGaming could be liable for nearly $300 million.
PartyGaming’s stock, which is traded on the London Stock Exchange under the symbol “PRTY,” closed down ₤11.25 on Monday after settling on Friday at ₤200.25. When the Unlawful Internet Gambling Enforcement Act was passed in the United States in October of 2006, the stock plummeted from ₤107 during the week of September 25th to ₤29 during the week of October 16th, a drop of 73%. PartyGaming pulled out the U.S. market in the fall of that year to protect shareholder interests.
In addition to Party Poker, PartyGaming also operates PartyCasino, PartyBets, PartyBingo, PartyGammon and PartyMarkets. It was originally listed on the London Stock Exchange in 2005 and has 1,200 employees in its Gibraltar base, according to the company’s website. Rod Perry serves as its Chairman of the Board. The company won a pair of Gambling Online Magazine awards in 2007: Best Poker Tournaments Gold Award and Best Online Experience Silver Award.
