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Party Gaming reaches settlement agreement with U.S.A

April 10, 2009


Following a long time of discussions and legal guiding, Party Gaming has reached a understanding with the USA Department of Justice to resolve the years-long criminal prosecution against the U.K.-listed gaming company.

The agreement is being named a "non-prosecution agreement," meaning that the corporation will pay off a large fee instead off facing any criminal charges. The agreed-upon punishment will acquire the form of a $105 million fee, procured after nearly 2 years of dialogue and deliberations.

The case has been a disputable one, given the reality that it is basically putting on trial a non-U.S. online casinos based company for offering a service with a lawfulness that is troublesome to clarify in clear legal terms.

According to people involved in the case after almost two years of discussions, the USA Attorney's Officer for the Southern District of New York has agreed not to put on trial Party Gaming or any of its branches for providing internet gaming services to consumers in the USA prior to the U.S. government prohibiting the online gaming industry in October, 2006.

In turn, UK based Party Gaming has accepted a 'statement of facts' about its enterprise pursuits preceding the ban, and will pay $105 million in 8 partial payments over a time ending Sept. 30, 2012, from its existent fiscal wealth. The sum is extensively in line with market predictions.

Under the statement of facts, Party Gaming confesses that it gave USA casino players internet gaming services beggining in1997 to Oct. 13, 2006, which was breaking several USA laws.

Under the terms of this accord, Party Gaming also consents to keep on averting the USA market in the future.

Jim Ryan, Party Gaming's CEO, selected to see the solution of the long standing case as a favorable note, giving his corporation liberty to engage in new goals. The corporation will now concentrate on merger and procurement activities, and predicted that the settlement of this case should represent a turning point for the online gaming industry in general, and may signal a period of market and corporate consolidation.

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