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PartyPoker has a solution for US market entry

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. if your not from the USA visit Partypoker.
 
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.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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