 |  Operator of Online Casinos going Public
27 Jun 2005
As questions of illegality continue to surround the operation and use of online casinos around the world, Gibraltar-based PartyGaming on June 15th, 2005 released a prospectus outlining the company’s net worth as the expected June 27th offering of 781.8 million shares on the London Stock Exchange approached. While it is expected that many shares will be snapped up by investors from the UK and Europe who are interested in investing in the company, which among other online casinos runs the “PartyPoker” and “PartyBingo” online casinos, interested American investors will be shut out due to the continuing position held by the Department of Justice (DOJ) that the operation and use of online casinos is not legal in the United States. One DOJ official speaking on condition of anonymity stated, "Any business offering access to online casinos that are in the United States or can be accessed in the U.S. are illegal. The focus today is on how we can do more about it and how we can charge people. If they are American citizens, it would be a little easier for us. They can face prosecution if they enter the United States."
However, PartyGaming has consistently stated that as there is no U.S. legislation in place regulating or banning the use of online casinos or internet gambling in general, “…there is no uncertainty as to its legality.” Were specific laws to be passed in the U.S. or elsewhere restricting or prohibiting the use of credit cards at online casinos, PartyGaming’s business and financial position could become more precarious than it already is. In its prospectus PartyGaming admitted that one of their call centers in another country, India, where the use of online casinos is considered to be breaking gambling laws was raided six months ago by Indian police although no charges were pressed when it was found that no gambling itself was taking place on the premises. It is also reported that PartyGaming’s directors have been informed that the presence and use of the company’s online casinos in Canada may provide that country with sufficient grounds to take PartyGaming to court on either civil or criminal charges.
Even with all the doubts surrounding the future of the operation of online casinos, it is expected that PartyGaming’s initial London offering will continue as planned on June 27th, though the prices of the shares may be lower than initially expected and hoped for.
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