Eight days ago, PartyGaming Plc announced that an amicable resolution was reached between themselves and the US Government regarding their court battle over the conducting of online gambling in the United States. PartyGaming agreed to pay $105 Million to the US in exchange for no prosecution. Jim Ryan, PartyGaming’s CEO, noted that the decision was made in the best interest of their shareholders. He went on to say, however, that he hopes that the new Obama administration will take the necessary steps to regulate online gambling. While some anti-gambling lobbyists feel that the US Government could have haggled for more money, in reality, the US hasn’t done too badly where court settlements are concerned with PartyGaming. Earlier this year, Anurag Dikshit, one of the founding members of PartyGaming, agreed to pay to the US a staggering $300 Million after he plead guilty to offering illegal gambling services in the US.

Ryan is not the only Operator who would like to see this hope come to fruition. Several other online gambling businesses had to pull out of the US when the UIGEA came into effect in 2006; however, they are still waiting in the wings should the legislation be overturned. Barney Frank, the House Finance Committee Chairman, has long been fighting the UIGEA and has announced introducing legislation to overturn the UIGEA. However, given the current economic situation in the US,the Bill has been put on the backburner.

PartyGaming has the option of paying the agreed $105 Million in 8 semi-annual installments. The potentially good news here is that if, and when, the US changes their online gambling laws, PartyGaming will be a candidate to receive licensing and re-enter the US market. So, despite all odds, there is a light at the end of this very expensive tunnel for PartyGaming after all.

Read about PartyGaming’s illegal activities that landed them lawsuits with the US Government.