Casino News: Will PartyGaming sign the settlement soon?

Will PartyGaming sign the settlement soon?

 June 1, 2008, 7:20 am (11 years ago)
Rumor has it that the online gambling group has reached a settlement with the US Department of Justice on its pre-UIGEA situation. Although there is no official statement or comment from Party Gaming spokesmen, London market is fueled by the hope for its revival.

The great response to the rumor shows that the attraction toward online gaming is still alive and well. To back up this fact, the benefit of leading industry companies from share price increased: Sportingbet 20 percent, Party shares 16 percent and 888.com 8 percent.

In 2006, all the financial transactions with online gambling companies were banned in US. Possibility of legal action against the industry was already a big issue before then. In June 2007, PartyGaming started its negotiations with the Justice Department

Mark Brumby, an analyst at Blue Oar Securities in London commented that any settlement by Gibraltar-based PartyGaming would be "material'' and would "give people a better idea what they were worth if they were open to acquisition.''

"The rumour going around is that they've [Party Gaming] settled with the U.S. Department of Justice,'' CMC Markets trader Claire Collingwood informed Bloomberg.

There has been no statement from Party Gaming as of today.
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 Comments (1)    Back to Top
1. J Davis
June 2, 2008, 8:44 am (11 years ago)

The US department of 'justice' is out of control. This is extortion of the most vile sort. Why should they have to pay the US for something that is legal in the rest of the world.
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