Casinos.co.uk: Casino News Archive
Tuesday 5th June 2007
Online Casino Group’s US Negotiations Bear Fruit
After announcing yesterday that it was in consultation with the state of New York’s Department of Justice, Internet gambling company PartyGaming, owner of Party Poker and Party Casino, has further announced that there could be some light at the end of the tunnel.
'Although it is too early to assess the outcome of these discussions, our intelligence tells us that there now appears a willingness on behalf of the US Attorney's Office to settle and draw a line under the uncertainty caused by recent Department Of Justice actions towards online gaming companies,' said Richard Carter, an analyst for PartyGaming.
The talks between PartyGaming and US officials surround the company discussing a compromise where the Department Of Justice would admit that the laws prior to the passing of the Unlawful Internet Gambling Enforcement Act (UIGEA) last year were ambiguous and, therefore, that they should not pursue more arrests against companies who willingly left the American market once the new law passed.
PartyGaming, and other UK Internet gambling companies that left the market after UIGEA, are in dire need of clarification as many of these are looking to consolidate with other companies but won't due to scares over future prosecution.
If the Department Of Justice agrees with PartyGaming that the laws prior to UIGEA were ambiguous, it could spark a huge buyout trend that will see stocks in these companies skyrocketing. Many land-based UK companies are looking to buyout companies like PartyGaming so as to have an instant and large online presence.
Source:OnlineCasinoNews
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