TITLE

No More Double Dealing

AUTHOR(S)
O'Connor, Colleen Marie
PUB. DATE
December 2005
SOURCE
Investment Dealers' Digest;12/5/2005, Vol. 71 Issue 46, p24
SOURCE TYPE
Trade Publication
DOC. TYPE
Interview
ABSTRACT
The article presents an interview with Chris Daniels, chief financial officer of PokerTek Inc. PokerTek has developed a technology that automates the poker table and eliminates the need for dealer or physical chips. The company has been able to complete a small initial public offering (IPO) on Nasdaq to fund expansion plans. Before the IPO, the company executed two private offerings, raising $2 million in 2004 and $3 million in March 2005. Its PokerPro system is a 10-person poker table. Each person has a 12-inch liquid crystal displays with a touch-screen. The game is displayed on a 40-inch monitor in the center of the table. The company is going through the regulatory approval process for commercials casinos in all the major jurisdictions. Poker is a losing proposition for the casino, but it is more popular than any other card game. This system allows the casino to make profits from poker. There is no cost of human labor. Daniels expressed that $11 was a very fair price for its shares based on the market opportunity.
ACCESSION #
19162892

 

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