Ms Parasol, a lawyer from California in her late thirties, is one of a small number of US and Indian investors who can expect to crystallise mind-boggling paper fortunes when they float PartyGaming, the online poker and casino company, on the London Stock Exchange later this year.

Although PartyGaming says an initial public offering (IPO) is just one of several “strategic options” it has asked Dresdner Kleinwort Wasserstein and Investec to investigate, most commentators reckon it will seek to cash in on the online gambling boom by pursuing an IPO.

Valuing PartyGaming, whose PartyPoker site accounts for more than 50 per cent of the online poker market, is difficult. However, with analysts predicting a market capitalisation of anywhere between $5 billion (£2.7 billion) and $6 billion, the business seems certain to enter the blue-chip FTSE 100 index.

According to a report from Global Betting and Gaming Consultants, worldwide turnover on interactive gambling reached almost $70 billion in 2003 — up from $16.5 billion in 2000 — generating a gross gambling yield for operators of about $5.6 billion. By 2010, it expects turnover to pass $100 billion and the yield to hit $11.3 billion.

Iain Wilkie, a partner in Ernst & Young, says that gambling had undergone a transformation, losing much of the stigma that was once attached to it. “Most countries have some form of state lottery and people seem to be comfortable playing them,” he says.

“The growth of internet betting is down to a growing social acceptance of gambling combined with a technological revolution that has extended the distribution network away from the traditional world of betting shops and bingo clubs.”

Within the online gambling boom, poker is by far the fastest growing sector. According to some estimates, more than £50 million is being wagered a day at the virtual poker table, compared with just £6 million two years ago. In Britain, about £4 million a day is bet on internet poker.

PartyPoker, which takes a percentage of the total amount staked by punters, known as a “rake”, reported 2004 earnings before interest, tax, depreciation and amortisation (ebitda) of more than $350 million, although this year that figure is expected to grow to at least $500 million to $600 million.

There are several factors behind poker’s growth, including the huge popularity of TV poker tournaments such as Late Night Poker, Celebrity Poker Club and World Poker Tour. Celebrity poker fans, such as Sarah Jessica Parker, from Sex and the City, and the use of Caprice, the model, to host televised games, have helped the game to shake off its sleazy image.

But while many card clubs are still viewed as male-dominated and intimidating gambling dens, virtual poker allows a wide range of players — including more and more women — to participate from the safety of home, avoiding having to handle some of the psychological elements of a real-life game.

A survey published last week by uSwitch.com, the comparison organisation, claimed that 30 to 40 per cent of online gambers in Britain are female. This compares with just 5 per cent of players at casinos and betting shops.

John O’Reilly, managing director of Ladbrokes’ e-gaming and telephone betting arm, says: “Poker is seeing huge growth because it’s a game of skill that appeals to the twenty-somethings who like to follow the latest fashion. It’s become very trendy and fashionable.”

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