Internet gambling operator will not be prosecuted by US authorities.
PartyGaming has boosted its share price after reaching a legal settlement with authorities in the US.The online casino and poker operator agreed to pay penalty instalments worth about $105 million (£71.3 million) to settle an issue that has hung over the company since October 2006, when internet gambling firms were effectively outlawed by US lawmakers.
Industry analysts have predicted that PartyGaming's "non-prosecution agreement" with the US attorney's office for the southern district of New York will pave the way for European-based online gaming operators to return to the American market.
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Shares in PartyGaming rose by 14 per cent following the announcement on Tuesday (April 7th), with other gambling stocks also gaining on the news.
Responding to the settlement, chief executive Jim Ryan welcomed the end of a "long and complex process".
"We are now well placed to seize organic as well as strategic opportunities that previously were beyond our reach," he said.
US authorities had previously called for some of PartyGaming's senior executives and major shareholders to serve prison sentences.
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