There's a good article here over on Calvin Ayre's site about the decline and fall of Bwin.Party over the last 5 years:

Bwin.Party’s Struggles Should Be No Surprise, Gaming Industry News

Worth it just for the image:

(double face palm from the star trek bridge == disaster)

It's a very long and detailed look at how the merger of two of igaming's earliest phenomena (Bwin and Partygaming) just hasn't lived up to expectation and how going forward it's not clear how they're going to pull themselves out of the funk they're in.

What piqued my interest was a look at the share price chart for BPTY.L - there's a marked cliff drop back on 29th Sept 2006, a quick google showed that that was the date that the US introduced the UIGEA bill (the US' blockade on internet gaming). Later on I think left the US poker market quicksharp and ended up settling with the US DoJ out of court - all in all a lot more 'roll over and die' (or rather 'play dead') than Full Tilt's (non-)efforts to avoid getting into trouble with the US DoJ. I remember reading at the time that this was an attempt to 'sweeten' the powers that be in the US ahead of any changes to gaming law in the hope that would curry favour and stand at the head of the queue if/when any changes went ahead.

All of that doesn't seem to have been such a great deal when you compare it now to the way Pokerstars handled the situation - instead of stepping away from the US market, they stayed on in the country, risked the ire of the US DoJ, and more or less dealt with the situation on an ad hoc basis when the situation blew up with Black Friday and the spate of .com domain takedowns. As it goes, Pokerstars appear to have faired much better, not only remaining in business for the duration of the 'aftermath' of Black Friday but also having swallowed up their main competitor (Full Tilt), giving them a monopolistic position now in the US poker market.

It would seem that limping pre-flop with weak suited connectors in early position - only to fold Pokerstars 3-bet - hasn't worked out for {Insert better poker pun here }