Home	Tutorial	Online Casino Reviews	Best Online Casinos	Casino Software	Casino News

Online Casino Gambling --- Casino News

Gross Exaggerations

The online casino gambling is alight with rumors that the Party Gaming gambling group has nearly reached a settlement with the U.S. Department of Justice. And while much of the industry took the rumors into gross exaggeration territory, other companies were still skeptical to believe that a settlement had been reached. A representative for Numis Securities contended that based on previous information released by Party Gaming, a negotiation is still on the horizon. Additionally, the Numis representative, Richard Carter, noted that the speculation by some online casinos that the fine is a high as US $1 billion is far-fetched.

Party Gaming is facing a fine from the U.S. government for activity in the U.S. before the 2006 ban on offshore online casinos. Carter elaborated on why the billion dollar rumors are nothing more than speculative exaggeration. According to previous reports from Party Gaming and other insiders, the negotiations with the U.S. government are in the range of no more than $150 million in fines. Carter remarked that the online casinos gambling group will end up paying fines in the range of “US$24 million and US$150 million based on profits made in the US.”

Considering the fines that Neteller faced for post-UIGEA online casino payment processing activities, Carter’s insider figures seem more plausible. Carter went on to note though that all of the talk of a settlement has boosted Party Gaming’s share prices, as well as some other prominent online gambling companies. Investors are buoyed by the talks of settlement because Party Gaming will be in a prime position for acquisition once the “key unknown” is gone from the equation, comments Carter.