7th of August 2010 Author: Ava Jackuard
Online gambling group has a solution for US market entry
Speaking to journalists in a post-financial results conference Friday, Party Gaming CEO Jim Ryan addressed the question of obstacles to his company's re-entry to the US market, assuming that market is legalised.
The main hurdle - a multi-million dollar settlement with the US Department of Justice over pre-UIGEA activity - has already been overcome but the status of founders and significant shareholders Russ De Leon and Ruth Parasol has been raised in the wake of the merger agreement between Party Gaming and Bwin last week.
The husband and wife team that founded Party Gaming with IT whiz Dikshit Anurag has not followed in Anurag's footsteps in admitting guilt and paying a large fine for alleged US illegal activity.
Ryan pointed out that the company has reached agreement with the duo in the event that their stance presents a problem to the company in regard to re-entering the United States market. He noted that the merger agreement with Bwin had included a provision that if a shareholder presented a problem regarding a licensing application, the company could require that shareholder to liquidate their equity in the company.
“There have always been questions about Party Gaming and our position in this regard," said Ryan. "But we have now closed the loop and I think we are very well positioned."
Ryan went on to sound an optimistic note on the future of the online US gambling market, noting that legislative moves were looking promising, and pointing to the advantages that a legalised market could bring to US tax coffers, land-based gambling groups, the players themselves and online gambling groups that were able to meet the regulatory requirements that will be imposed if the market is legalised.
He noted catalysts for change in the US such as the efforts of Harrah's and GTech, whose pursuit of the possibility of a legalised market has spurred other land entities to explore possible routes to online action and partnerships that could prove useful. He also observed that Party Gaming's acquisition of the World Poker Tour has led to negotiations with a significant number of US land corporates on running WPT events, opening doors for wider discussions on US market opportunities.
General Gambling News Gambling Law & Society News
27th of June 2010
29th of July 2010
5th of February 2016
12th of December 2015
22nd of December 2015
20th of January 2016
31st of December 2015
9th of January 2016
Disclaimer Contact Us Privacy Gambling Help About Us Site Map
LatestCasinoBonuses.com © 2006-2016
Join now for full access to our online casino forum/chat plus receive our newsletter with news & exclusive bonuses every month.
PLUS join now and get...
100% up to $1000 PLUS 25 free spins! Sponsored by ClubUSA Casino, US OK.
View more information here