Thursday, Feb. 1, 2007

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PartyGaming's shares rising

By Erik Sylven

According to British newspaper the Guardian, PartyGaming's shares rose 2p to 29.5p Wednesday following internal market commissioner Charlie McCreevy's statement that the European Union (EU) might challenge the U.S. online gaming restrictions.

PartyGamings, Plc's shares are traded on the London Stock Exchange (LSE). The company lost over 50% off the value of its shares when it pulled out of the U.S. market as a result of the Unlawful Internet Gambling Enforcement Act (UIGEA) being passed in the United States congress in September.

Charlie McCreevy's statement about the EU challenging the U.S. gambling restrictions gave PartyGaming's shares a boost, but what the long-term effects are remains to be seen.

Internal market commissioner McCreevy stated that U.S. restrictions to the online gambling industry were basically a case of protectionism meant to protect the nation's own gambling market, and that the EU could take the case to the World Trade Organization (WTO).

EU May Challenge U.S. Online Gambling Law
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PartyGaming Scoops Up Empire Online Stocks

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