PartyGaming Co Founder Sells Two Third Stake

In December 2008, Anurag Dikshit, the 37 year old, self-made billionaire and co-founder of the world's biggest online gaming company, PartyGaming, was fined $300 million for a US online betting charge.

Dikshit Sells Up
Following investigation by the US Justice Department and a guilty plea, Dikshit commented, "I have taken full responsibility for my actions". Dikshit, recently quoted as saying he wants to, "move away from the industry and PartyGaming", has just sold two thirds of his 28% cut in the online casino giant, which equates to 19% of the company.

With the sale purported to have amassed him over $300 million, he has stated that he plans to offload his remaining 9% shares over the coming months. Known for his philanthropic tendencies, Dikshit is donating his full profits to the Kusuma Trust, an organization he founded that provides welfare support and educational opportunities to at-risk children in Gibraltar, India and the UK.

Short and Long Term Repercussions
The co-founder's move was not without repercussions; PartyGaming stock dropped more than 16% in just a few hours. However, PartyGaming is a strong contender and analysts feel that, long term, the sale may be beneficial for them by increasing the free float and consequently broadening their investor base. This may ultimately help them to re-enter the US market in the future.

Despite the guilty plea, fine and Mr. Dikshit's intentions, he could still to be sentenced for to up to two years in jail in 2010.