Hopes are High For PartyGaming in USA Market
Following the passage of the Unlawful Internet Gaming Enforcement Act (UIGEA) in the United States, back in October 2006, most European online gambling businesses, including the poker sites, have shied away from the U.S. market. Things may soon change.
The first sign that there is change in the air came Wednesday when an appeal to UIGEA took place with a markup in a House subcommittee. The next hopefull step is the House and Senate where further amendments are likely.
In the past, European online gambling firms made money but after pulling out their business due to the UIGEA, together they lost billions of dolars. This includes PartyGaming, the biggest online poker room at the time. Powerless to do anything, it watched more than 70 percent of its customer base evaporated, almost overnight.
PartyGaming has been in talks with the U.S. Government over future possibilities. Once legislation allows for it they hope for entrance back into the US market.
As PartyGaming gets ready to hit the jackpot in the US again they announced a merger with Austria’s Bwin. This would make it one of the largest Internet gambling companies in the world. Bwin has never operated in the United States but likes the odds.
The reaction to both the merger and the progress of the US bill has online gambling firms throughout Europe reacting positively. Shares in PartyGaming rose 12 to 269p, 888 was up 1¼ to 47¾p, Playtech moved 31½ higher to 441¼p and Sportingbet climbed ¾ to 57p.
An analyst at Collins Stewart, Simon Davies, said, "It is probably the most positive step towards the reopening of the US online gaming market since 2006."
Industry analysts are hopeful the legislation will pass on the basis that online gaming can help stimulate the economy. A recent study forecasts internet gambling could generate $42bn in tax receipts over the next 10 years
Not everyone is hopeful about the bill becoming law. A recent press release sparked comments from some industry observers, that the bill needs revisions. If Amendment 15 does not allow PartyPoker to get a license to operate in the US, PartyPoker investors will not be happy.
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