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Gambling: PartyPoker Removes Threat of US Gambling prosecution

Shares in the London-listed online gambling group PartyGaming are expected to soar following the group's announcement Tuesday that it has reached a settlement with the US Department of Justice, removing the threat of prosecution for pre-UIGEA activities.
 
The cost of removing the cloud of possible action by the Americans is $105 million, payable as follows:
 
* 10 April 2009           - $5m
* 30 September 2009  - $10m
* 31 March 2010         - $15m
* 30 September 2010  - $15m
* 31 March 2011         - $15m
* 30 September 2011  - $15m
* 31 March 2012         - $15m
* 30 September 2012  - $15m
 
It is considerable cheaper than the $300 million paid independently by one of the founders, Anurag Dikshit, in his personal capacity earlier this year. PartyPoker
 
In a statement, PartyGaming said that a non-prosecution agreement had been concluded with the US Attorney’s Office for the Southern District of New York (the ‘USAO’) following protracted negotiations. 
 
Under the terms of the Non-Prosecution Agreement, the USAO will not prosecute PartyGaming plc or any of its subsidiaries for providing Internet gambling services to customers in the US prior to the enactment of the Unlawful Internet Gambling Enforcement Act on 13 October 2006. 
 
As part of the agreement, the company has accepted a Statement of Facts regarding its business activities prior to the enactment of the UIGEA and has agreed to pay $105 million, payable in semi-annual instalments over a period ending on 30 September 2012.  Such payments will be made from the Group’s existing financial resources. 
 
Key elements of the Statement of Facts are:
 
* From 1997 until 13 October 2006, PartyGaming offered Internet gaming to players located in the US, including real-money poker and casino gaming.  On 13 October, 2006, the day the UIGEA was enacted, the Group voluntarily exited the US market.
 
* Prior to 13 October 2006, certain of the US customer transactions intended for PartyGaming that were processed by third parties, and other gaming and payment-related activity, were contrary to certain US laws.
 
* PartyGaming has agreed to maintain, with respect to its operations, a restriction preventing Internet gambling services from being provided to customers in the US in violation of the prevailing law of the US or any jurisdiction within the US.
 
* If requested by PartyGaming, the USAO will bring the co-operation and remedial actions of PartyGaming to the attention of other licensing and regulatory authorities.
 
Commenting on today’s announcement, Jim Ryan, Chief Executive Officer said:
 
“The resolution of our position with the US authorities marks an important day for PartyGaming.  It has been a long and complex process but we have reached an amicable solution with the USAO that makes commercial sense for our business and is in the best interests of shareholders.  We are now well-placed to seize organic as well as strategic opportunities that previously were beyond our reach.”



Gambling News :

NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday - Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.

Pro League Reveals Sportradar Contract Details - The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.

NFL Odds: Steelers Visit Undefeated Chiefs #TNF - The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.

Mega Moolah strikes again - The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.

2 New Slots For Microgaming Casinos - David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.

MLS Odds: Red Bulls vs. Whitecaps - The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.

Velka Pardubicka On RacingUK - Felix de Giles flies the British flag in Sunday’s Velka Pardubicka

Mega Moolah Jackpot Hits on 9/27/2017 - Another millionaire made on Microgaming’s Mega Moolah; 5th largest Microgaming payout

Simon Jones is crowned the Greatest Poker Player in the Universe - A €10,000 leaderboard tracked player progress throughout the series to determine who the Greatest Poker Player in the Universe was. Professional poker player/sports psychology lecturer, Simon Jones, took the crown with a €5,000 cash bonus and trophy to prove it.

MLB Odds: Yankees Favored in AL Wild Card Game - After a strong regular season, the New York Yankees (91-71, –1.00 betting units) opened as –235 home favourites for Tuesday’s AL Wild Card Game against the Minnesota Twins (85-77, +11.48 units). First pitch is at 8 PM ET on ESPN.

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