PartyGaming Awaiting Legalization of Online Poker in the US
16/05/2010 11:05
Type Online Report
Theme poker
Legislative efforts to legalize and regulate online gaming in the US, spearheaded by Massachusetts Representative Barney Frank, as well as efforts by states such as California, Nevada, New Jersey, Florida, and others to regulate online wagering at the state level, are prompting PartyGaming, the parent company of internet poker giant PartyPoker to prepare for an eventual return to the U.S. gaming market.
PartyPoker was once the largest online poker room in the world, but after the company pulled out of the US market following the enactment of the Unlawful Internet Gambling Enforcement Act, agressive poker rooms such as PokerStars and FullTilt, that still accept play from U.S. residents, captured a large percentage of PartyPoker's market share. PokerStars is now the largest poker room online.
Last year PartyGaming reached a financial settlement with U.S. authorities relative to the years that it "illegally" (according to U.S. regulators) serviced the U.S. gaming markets. Evidently PartyGaming believes that their willingness to negotiate with authorities will leave them in a more favorable position than their competitors that continue to service U.S. clients without the approval of the U.S. government.
Chief Executive Officer of PartyGaming Jim Ryan is on record as stating, "We are seeing increased momentum towards regulating online poker. It’s possible that it could happen this year and we’re prepared if it does."
"Q"
Wheretobet.com
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