888 Have Suitors For A Merge
03 August 2010
The merger between BWIN and PartyGaming which has resulted in the world’s largest online gambling firm has caused a ripple across the rest of the gambling industry. Online gambling firm 888 has now acknowledged it has been contacted by competitors looking to put together a similar plan.
Chief Executive Gigi Levy told Reuters that,
“This puts us in a position in which we are one of the best assets in the field — we got a few phone calls immediately from various people. Everybody in the industry is looking and saying ‘who is the best one to merge with if we need to? Party and bwin took almost a year to close the deal so we don’t see anything happening imminently but there’s definitely expressions of interest.”
Everyone is trying to get themselves in a position to take full advantage of the European markets currently opening up as new laws are passed to regulate online gambling. All eyes are on the U.S. of course as at least a step has been taken when the new Barney Frank bill passed the mark up vote last week.
Just like PartyGaming and BWIN, 888 has said it is the poker that is continuing to be hit the hardest as sites that still accept US players are taking more of the market share in this area. Some analysis feel that the merging of overseas companies will be the only way that they will be able to compete again in a regulated U.S. online gambling market.
14 May 2010Canadian Man Pleads Guilty in U.S. Online Gambling Charge
Douglas Rennick, a Canadian man, has pleaded guilty to a count of processing offshore bets of U.S. citizens. Originally Rennick was looking at a charge of conspiracy and bank fraud. He had allegedly laundered $350 million dollars for overseas internet gambling companies. Rennick was indicted in August and on Tuesday entered a guilty plea to the one charge in New York Federal court. Part of the plea was forfeiting $17.1 million and a possible prison term of 6-12 months.Read full article
02 June 2010France to Award 30 Licenses for Online Gambling
Today the government of France approved a new online gambling bill. The bill passed the French parliament by a narrow 299-233 vote. The French will grant only 30 licenses to operate online casinos and poker rooms within its borders. Though it is now official and France says that licenses will be granted in time for the 2010 World Cup, not everyone is excited about the French market.Read full article
09 June 2010France Issues 11 Licenses For Online Gambling
France acknowledged that 11 companies have been granted license and have been registered to conduct online sports and horse race betting as well as online poker within France. According to Arjel president Jean-Francois Vilotte, the regulator of gaming in France, “There were 35 requests for licenses and we have retained 17 at this stage. None have been formally rejected.Read full article