PartyGaming closes deal with United States DoJ
07 April 2009
What is all boils down to is this: PartyGaming has agreed to pay $105M in exchange for the DoJ to not follow up on any “criminal” charges being brought against any of PartyGaming exec’s. As we all know, the DoJ has had their sights set on PartyGaming for quite some time now, and have since the passing of the UIGEA (Unlawful Internet Gambling Enforcement Act) about 2½ years ago. The DoJ used the wire act, a law that was passed in 1961, as the basis of their fight against PartyGaming in regards to their accepting wagers from citizens of the United States.
I have a great feeling that the UIGEA will be repealed next year, and even Forbes is alluding to this, in their statement of “If online gambling is legalized in the U.S. next year, that will put the company in good standing with regulators.” at the end of their opening paragraph in this source’s article.
PartyGaming’s stocks took a nosedive back in August 2006,when they announced that they would suspend operations in the USA if the UIGEA bill was signed into law by Dubya. However, upon the news of their agreement with the DoJ, PartyGaming’s stock rose as high as 262.50p before leveling off for the day and closing at 250.00p for a gain of 31.00p, or 14.16% in all.
All in all, this is great news, and just another brick in the wall (yes, I love Pink Floyd) that Barney Frank is building to try and repeal the UIGEA in the very near future. Keep your fingers crossed!
21 August 2007Short Extension Granted to USA in Online Gambling Case
According to our reliable sources, they tell us: In the US District Court of New Jersey, Trenton Division, papers were filed today to grant a motion on behalf of the US Department of Justice and the co-defendants, giving them a short period longer to respond to charges brought against them by the Interactive Media Entertainment and Gaming Association (iMEGA).Read full article
31 August 2007NEW Date Set for iMEGA versus Gonzales (UIGEA)
NEW Date Set for iMEGA versus Gonzales (UIGEA)Honorable Judge Mary L. cooper will hear oral arguments on TRO and Government dismissal motions.The hearing originally set for September 4th, has been moved to September 26th, in the U.S. District Court of New Jersey, Trenton Division. The hearing date was a mutual agreement by the plaintiff whom is iMEGA and the defendants, who are, Gonzales, the U.S. Department of Justice, the Federal Trade Commission and the Federal Reserve Board of Governors.Read full article
17 July 2006INTERNET GAMBLING BAN A BAD BET
Cincinnati.Com The Enquirer Editorials The U.S. House feels Americans need to be saved from a $12 billion-a-year growth industry – Internet gambling. By a lopsided 317-93 vote, members passed the Unlawful Internet Gambling Enforcement Act on Tuesday, but exempted state-run lotteries and online horse-race betting. Were the Senate to go along with it, the bill would make online sports betting, poker and other popular Internet casino games illegal.Read full article