|Shares in online casino and poker company GigaMedia Ltd have hit a seven-year high after the company released better-than-expected financial results.|
The company showed last week that it had successfully transformed itself from a struggling broadband company to an online gambling and entertainment empire with a strong European presence with reach into the growing Asian market.
The stock had slumped in August but shot up to the $23 range after analysts predicted GigaMedia could benefit from the easing of regulations in Europe as the European Commission aggressively pursues its free-trade policy.
Analysts stated that GigaMedia is also attractive as a long-term investment stock due to its Asian presence. The Asian online gambling market is considered the last frontier for companies and potentially the most valuable. Aware of this, GigaMedia secured a license to offer and operate the multiplayer online role-playing game Holic in China, Taiwan, Hong Kong and Macau.
GigaMedia owns a popular range of online casinos including ImperialCasino.com, CasisnoTreasure.com, CasinoLux.com, CasinoFantasy.com, CasinoGlamour.com and CasinoElegance.com along with one of the world's largest online poker rooms, EverestPoker.com.