PartyGaming’s Billion Dollar Deal
Officials at one of the world's leading gaming firms, PartyGaming, are reported to have agreed in principal to a settlement with the United States Government. The alleged settlement announced this past weekend is said to be one billion dollars.
Though the deal is intended as a penalty against Partygaming for having broken various US laws, industry analysts are convince the agreement will also add some clarity to the country's otherwise murky law prohibiting Americans from gambling online.
The Unlawful Internet Gambling Enforcement Act, or UIGEA, was passed in the autumn of 2006 and was designed to prevent US citizens from wagering real money on games at online casinos like Roulette, Blackjack and Slot machines, as well as Poker and Bingo. Ever since its ratification, however, the law's viability has come under increased scrutiny from a number of opposition groups.
According to Joe Brennan of the Interactive Media Entertainment and Gaming Association (iMEGA), his trade organisation will continue challenging the legality of the UIGEA. "We are happy for Partygaming, their founders and their investors. This settlement reported, if true, will lift the dark cloud from over their heads, particularly their founders and executives who've had to be very careful about avoiding travel to the USA. Partygaming will also now have access to the capital they need to make acquisitions necessary for them to begin to grow again and try to restore their share holder value."
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