Partygaming, the world's biggest online poker company, has started talks with four continental European banks to assist with a potential $10billion London float later this year.

The Gibraltar-based company, which owns the PartyPoker site, is still deciding with its adviser Dresdner Kleinwort Wasserstein whether to float.

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However, it has already begun talks with German banks Commerzbank and HVB, Spain's BBVA and Mediobanca of Italy about forming a syndicate to sell shares to investors.

DKW is expected to act as the global co-ordinator and broker should a listing go ahead. PartyGaming has been forced to turn to European banks as the top US banks are unwilling to support an online gambling company because of American regulations.

Source: Business Telegraph