Dikshit sells remaining Party Gaming Stake

The founder of online gambling giant Part Gaming has sold off his remaining stake in the company.

Anurag Dikshit founded Party Gaming back in 1997 and has helped grow the company into one of the largest online gambling operations in the world. The company's 2005 initial public offering valued it at around 2 billion pounds and saw Dikshit catapulted to become the 207th richest man in the world according to Forbes.

A changed online gambling landscape in the US, post UIGEA and a $105 million settlement paid to the US justice department have eroded the company's value somewhat since then. But it is still a force to be reckoned with and is apparently looking to merge with another I-gambling powerhouse Bwin.

Back in October last year, Dickshit offloaded a substantial parcel of shares in Party Gaming, through his holding vehicle Crystal Ventures Ltd. Now he has sold off his remaining 9% share via an accelerated book-build offering to institutional investors for just over a 100 million pounds.

Party Gaming shares fell sharply on the news.