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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.”



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Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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