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Empire Online 1st-Half Profit Triples Amid Internet Poker Boom
Published: 2005-08-01
 Empire Online 1st-Half Profit Triples Amid Internet Poker Boom
Aug. 1 (Bloomberg) -- Empire Online Ltd., an online poker company that directs users to Web sites such as PartyPoker.com, said first-half profit almost tripled as more people started playing games such as Texas Hold'em and Omaha on the Internet.
Net income jumped to $21.2 million from $8.6 million a year earlier as gaming sales advanced to $42 million from $17.3 million, the Tortola, British Virgin Islands-based company said today in a Regulatory News Service statement. The number of active players -- those who played for real money in the last 90 days, according to Empire Online -- rose to 126,507 from 51,367.
Empire Online, whose shares have risen 32 percent since the company sold stock in an initial public offering last month, is benefiting as more people play poker on line. The size of the online poker market has increased from $90 million in 2002 to $1 billion in 2004, according to Christensen Capital Advisors.
``Empire Online has experienced a strong half-year and remains focused on rapid growth while containing costs,'' Chief Executive Officer Noam Lanir said in the statement. `` 2005 is shaping up to be a landmark year for the company.''
Shares of Empire Online were unchanged at 231 pence in London July 29, giving the company a market value of about 676 million pounds. The stock's advance since the IPO compares with a 50 percent gain in the share price of PartyGaming Plc, owner of the PartyPoker web site, since it sold stock last month.
Empire Online, which advertises on the Internet and in other media to direct players to Internet sites such as empirepoker.com, raised 123.5 million pounds in last month's share sale on London's Alternative Investment Market. The company plans to use some of the sale proceeds to expand in seven European countries.
To contact the reporter on this story:
Paul Jarvis in London at pjarvis@bloomberg.net
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Modest homecoming for poker champ
Published: 2005-08-01
 Modest homecoming for poker champ
Family and friends have given new world champion poker player Joe Hachem a rousing welcome at Melbourne Airport.
Mr Hachem, who used to be a chiropractor, says he flew economy class from the United States, despite winning $10 million at the tournament in Las Vegas earlier this month.
"I had an entourage of about 10 or 12 people and I may have a lot of money at the moment, but I'm not going to throw it away for the sake of throwing it away and I'd rather stay with my family and friends than be a hot-shot and be in first-class," he said.
Mr Hachem took the title after a 14-hour final round.
He says he is now seeking professional advice on whether he will have to pay tax on his prize money.
"It's out of my my hands really, it's between [Australian Taxation Commission Michael] Mr Carmody and my accountant, and they can work it out together," he said.
"The initial advice is that if the tax man wants to look at it then they'll deal with it on an individual basis.
"I'm not really sure that it's not - I play poker and raise a family, and do a bit of finance on the side."
More than 5,600 players signed up for the legendary $10,000 buy-in World Series Poker main event, which began on July 7.
It was Mr Hachem's first ever event.
A dedicated poker player, he chose to wait until his children were older before making the journey to Las Vegas to participate in the world series.
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