The industry established in Gibraltar PartyGaming Plc announced today that it had come to an agreement with the Attorney of the United States for the Southern District of New York. Under the terms of this agreement, the company will pay the sum total of 105 million dollars in fines over the next 3 years and a half. PartyGaming is no longer operating its business in the United States since the passage of the UIGEA passed the end of 2006. The agreement covers PartyGaming operations until October 13, 2006.
During the time when PartyGaming operated in the United States, she was never involved in sports betting, the only gambling activity proscribed by the United States. However, before October 13, 2006, PartyGaming had made transactions involving third parties were prohibited by U.S. laws. In particular, PartyGaming offered a form of online casino.
In Exchange for this fine, PartyGaming will not be prosecuted for other activities in the United States. Commenting on the story, Jim Ryan, Chief Executive of operations at PartyGaming said: "our agreement with the US authorities marks an important point for PartyGaming. It was a long and complex process and we came to a friendly solution that has a lot of sense for our company and for the collective interests. We are now well positioned in the market and many opportunities are now within our reach."
Negotiations between the United States and PartyGaming were held for nearly two years. After this period of negotiation, the agreement now made public the shares of PartyGaming recently increased by 16%. The agreement also opens the way to PartyGaming to legalize and regulate online gaming in the near future.
The shares of other similar companies such as 888 Holdings and Sportingbet have also won a few feathers since we know that similar decisions with the United States are in expectations.
BLOG COMMENTS POWERED BY DISQUS
in Review of book
A new book just published by D & B: Jonathan Little We Live No-Limit Cash Games 2 - The practice As you will have divine, the 400-page book deals for cash games lives, but in a very practical way. What we mean by "practice" is that it is the presentation of…