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PartyGaming agrees to $105 million settlement
PartyGaming has signed an agreement with the US Attorney's Office that will cost the company $105 million over the next three years avoiding prosecution in the States.
"The resolution of our position with the US authorities marks an important day for PartyGaming," CEO Jim Ryan said. "It has been a long and complex process but we have reached an amicable solution with the USAO that makes commercial sense for our business and is in the best interests of shareholders."
Essentially, the USAO will not prosecute PartyGaming or any of its subsidiaries, including PartyPoker, for providing internet gambling services to US customers prior to the enactment of the Unlawful Internet Gambling Enforcement Act in 2006.
PartyGaming has also accepted a Statement of Facts admitting they offered gaming services in the US from 1997 until 2006 and that certain transactions processed by third parties for PartyGaming were contrary to US laws of the day.
Under the terms of the agreement, PartyGaming has also agreed to stay out of the US internet gambling market under current legislation.
The $105 million settlement will be paid in semi-annual installments through September 2012, beginning with a $5 million payment April 10.
PartyGaming stopped allowing US players on its casino and poker sites when the UIGEA came into force in October 2006 and has been in talks with US authorities regarding the legality of its previous practices since 2007.
This past December, PartyGaming co-founder Anurag Dikshit also pleaded out to Wire Act charges regarding the companies activities and was sentenced to pay a $300 million fine.