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Rumors of Huge Fine

Rumors abound in the international online casino gambling industry as insiders speculate on the settlement between Party Gaming and the United States Department of Justice. Party Gaming has been in negotiations with the DoJ for the past year or so – ever since the passage of the controversial 2006 Unlawful Internet Gambling Enforcement Act (UIGEA). Party Gaming immediately exited the U.S. online casinos market once the UIGEA passed through Congress, but the DoJ is still looking to fine the internet gambling company for pre-UIGEA U.S. gambling activities. According to industry rumors, Party Gaming has reached a settlement with the DoJ that could reach as high as US $1 billion in fines.

Neither Party Gaming nor the DoJ have officially commented on the rumors that the two have reached a settlement, and there is certainly no substantiated evidence that the fine is as high as $1 billion, although it is certainly a possibility. The U.S. legislation, even prior to the UIGEA apparently prohibited offshore online casinos from accessing U.S. players, and Party Gaming is one of just a few major companies seeking out a settlement with the U.S. Other online casino gambling companies in the U.S. are anxious for the results of the settlement because puts a price of Party Gaming’s financial security.

Over the past year other online casinos have expressed an interest in acquiring the Party Gaming international gambling group, but the ongoing negotiations with the U.S. have preventing any other companies from making offers. The prospect of a settlement for Party Gaming means that these companies can once again make acquisition offers based off of the company’s net worth and profit margins after paying the fine to the U.S. government.