Party Gaming and Bwin merger (update)


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

Login to post a comment:


 
 

Click Here to register a new account

What's going on right now!

4mins ago someone from The Netherlands read article Candy Crush Developer Worth $5 Billion

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

Casino Of The Month

Casino of the Month

In the last 24h

Totals

  • New Members
    19
  • Members Online
    338
  • Guests
    2,152
Highest Community Rated Online Casinos
NextCasino
  (143 Ratings)
Bet365 Games
  (160 Ratings)
Cresus Casino
  (13 Ratings)
Unibet Casino
  (125 Ratings)
Betsson Casino
  (206 Ratings)
CasinoLuck
  (216 Ratings)
Redbet Casino
  (139 Ratings)
Spin Palace Casino
  (112 Ratings)
Mr Green Casino
  (272 Ratings)
Betsafe Casino
  (178 Ratings)
Slotty Vegas
  (103 Ratings)
32 Red Casino
  (295 Ratings)
Guts Casino
  (169 Ratings)
Winner Casino
  (332 Ratings)
Liberty Slots Casino
  (171 Ratings)
BitCasino.io
  (167 Ratings)
ComeOn Casino
  (232 Ratings)
Sin City Casino
  (94 Ratings)
Intertops Red Casino
  (120 Ratings)
Vera John Casino
  (169 Ratings)
BETAT Casino
  (188 Ratings)
Thrills Casino
  (126 Ratings)
Intertops Casino Classic
  (107 Ratings)
Casumo
  (128 Ratings)
Ladbrokes Casino
  (149 Ratings)
Buzz Slots
  (18 Ratings)
Royal Vegas Casino
  (130 Ratings)
Whitebet Casino
  (88 Ratings)
Jetbull Casino
  (101 Ratings)
Slotland
  (292 Ratings)


Follow LCB on Facebook Follow LCB on Twitter Follow LCB on Pinterest Follow LCB on Google plus