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PartyGaming Agrees To Pay USAO $105 Million

April 10, 2009 - PartyGaming Agrees To Pay USAO $105 Million

At long last after discussions with the United States Department of Justice lasting many months with regard to the company's unlawful activities in providing Internet gambling services to customers in the US before the enactment of the Unlawful Internet Gambling Enforcement Act on October 13th 2006, PartyGaming has announced that an agreement has been reached with the US Attorney's Office for the Southern District of New York (USAO).

In terms of this Non-Prosecution Agreement, PartyGaming or any of its subsidiaries will not be prosecuted and has accepted a Statement of Facts concerning its business activities during that period. PartyGaming has also agreed to pay $105 million in six monthly installments over a period ending September 30th 2012.

PartyGaming has admitted that some of the US customer transactions intended for it that were processed by third parties as well as other activities related to gaming and payment, were not in accordance with certain US laws. The company has also admitted to have offered Internet gaming to players located in the US, which included online casino gaming and real-money poker from 1997 until 13 October 2006.

PartyGaming has agreed not to violate the present law of the US by providing customers in the US or any jurisdiction within the US with Internet gambling services.

Jim Ryan, Chief Executive Officer, commented on the announcement and said that the resolution of their position with the US authorities was an important day for PartyGaming. After a lengthy process they have now reached an amicable solution with the USAO which is beneficial to their business and also in the best interests of shareholders. They could now achieve many goals which were previously beyond their reach.

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