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DATE: May 24 2012
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Poker.co.uk - Poker News Archive

Thursday 12th March 2009

PartyGaming close to deal with US authorities

After talks which appear to have been going on for over a year there is speculation this evening that poker giant PartyGaming is close to agreeing a deal with US authorities. The company has already admitted to accepting "illegal bets" under the terms of the US governments ban on online gaming and looks set to be hit with a substantial fine which many expect to be in the region of $150 million. So why has PartyGaming been so keen to arrange a deal with the US authorities?<br /> <br /> The company has around $70 million in cash at the moment and will need to tap the debt markets to cover the balance, if as expected the agreement is announced in the short term. However, with this financial uncertainty removed this will allow the company to begin a serious consolidation phase in the poker sector. The management has already hinted that it will use shares in PartyGaming to acquire other poker operations in the hope that the US market is opened up in the short to medium term.<br /> <br /> While speculation regarding the reopening of the US online poker market has been ongoing for some time there appears to be some credence to these rumours although we live in hope for the day when the largest online gambling market in the world is reopened!

Source: gambling_CMS_tmark938

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