French Inroads for Online Casino Companies
The French internet gambling market is just a couple of months away from opening
and foreign online casinos are gearing up for entry into this previously closed,
and potentially lucrative internet gambling market. The French government has
warned internet gambling companies to steer well clear of the French market
until the new regulations are actually implemented; companies that choose to
preemptively enter the French market will likely be denied a French license for
future internet gambling. Paddy Power though has the right idea, this major
international online casino bookmaker has spent this time before the regulations
actually take effect building relationships and partnerships that will give the
bookmaker an immediate launch into the French market once the new regulations
are implemented.
Essentially, Paddy Power announced that the internet gambling group struck a
deal with the current French land and online casino gambling monopoly, Pari
Mutuel Urbain. The deal has been solidified between the two companies and Paddy
Power announced that the full partnership betting offerings would launch into
the French market around May or June of next year, 2010. Paddy Power, like so
many online casinos and gambling groups, is hanging onto share values with a
precarious line. The economic recession over the past year has hit many
companies hard and any way to boost shareholder and investor confidence is
widely welcomed.
To that end, Paddy Power’s announcement that the online casino bookmaker was now
partnered with PMU increased the company’s stock value by a significant 5.6
percent. The deal is really quite strong for both companies and Paddy Power
likely scored a bit of a coupe over other major internet bookies by securing PMU
into a five-year outsourcing agreement for betting and gambling technology. |