PartyTime (PARTYPOKER) is Back for Online Gaming

PartyGaming Party time is back for online gaming .The Wheel turns full circle after US prosecutors strike $105m deal to end three-year clampdown on sites The Guardian, Wednesday 8 April 2009 Article history Online gambling operators were limbering up for a wave of potential consolidation yesterday after PartyGaming agreed a $105m (£71.3m) settlement with prosecutors over its activities in the US, paving the way for deals in the troubled sector. Shares in the UK's listed online gaming companies rose sharply as analysts predicted that PartyGaming's better-than-expected deal with the US authorities would allow mergers or takeovers by larger gambling groups. PartyGaming, the owner of the PartyPoker website, yesterday escaped prosecution after a two-year investigation by the US attorney's office for the southern district of New York. In return, it agreed to pay $105m in eight half-yearly instalments between now and September 2012, to reflect the proceeds of the internet gambling services it provided in the US before a clampdown in 2006. The settlement covers the period from 1997 to October 2006, when PartyGaming offered internet gaming to US players, including real-money poker and casino gaming. The company admitted that even before the 2006 crackdown - which forced it to abandon the US market - some of its activities had broken US law. "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," the company said in a statement. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Winners ######## Poker Stars - based in the Isle of Man, the privately held group has continued to take bets from US customers despite anti-online gaming laws, taking market share away from PartyGaming. Full Tilt - licensed in Alderney, the poker site has also stayed open to US players. Losers ###### PartyGaming - once the largest poker operator in the world, it withdrew from the US in 2006. 888.com - the owner of Pacific Poker is talking to the US department of justice about a settlement. Sportingbet - the company behind Paradise Poker is also in discussions about potential liabilities arising from its foray into the US market.

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southsidecan
southsidecan Gold 2
4482d ago
This should be pretty interesting in the next couple of months to see what happens with"poker stars"and "fullTilt." Wonder if the Obama clan will try to legalize gambling as it has grown to be such a big market??? Then would we all start to get taxed on our winnings, I guess we would be able to right off our loses also just my thoughts !!!
milood
milood Bronze 2
4482d ago
One would hope they come to their senses and re-allow online gambling. It didn't work with prohibiton in past years, and it won't work now. There are few things in this world that are"recession proof", alchohol, prostitution, and gambling, once the politicians figure this out with a way to tax it, the USA economy will once again be the best in the world
southsidecan