PartyGaming Reaches $105 Million Agreement With USA
PartyPoker parent company PartyGaming has announced it is to settle with the US attorneys’ office for the southern district of New York (USAO) over its pre-UIGEA operations.
In a non-prosecution agreement, PartyGaming, the company behind PartyPoker, has agreed to pay $105 million. The settlement means that the USAO will not prosecute PartyGaming for providing internet gambling to US customers.
When the controversial Unlawful Internet Gambling Enforcement Act (UIGEA) was passed in 2006, gaming companies outside the US knew they might face possible court action from the US Department of Justice.
Prolonged discussion with The United States Department of Justice (DoJ) has finally brought an end to the Party Poker involvement with a non-prosecution agreement and a $105 million settlement.
This agreement, although expensive could be good news for PartyGaming. Evidence was immediate with shares trading up at 219 pence in London this morning.
With the settlement comes the removal of all possible lawsuits which will make Party poker and its subsidiaries much more appealing to other companies seeking to make deals. But perhaps the biggest advantage will be if (or when) the lucrative American market is re-opened to European competition.
expensive but good news for partygaming
As part of the agreement, the company accepted a "Statement of Facts" regarding its business activities prior to the enactment of the UIGEA. By entering into a Statement of Facts regarding its activities prior to October 13th 2006, PartyGaming has confirmed that the company offered Internet gaming to players located in the US between 1997 and 2006 when the bill was passed.
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PartyPoker is known for large crowds of bad players. Even on tables
PartyPoker is one of the five largest poker rooms worldwide and has a Download software
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