Oct 21 2011
Bwin.Party CEO sees hope for US online poker legislation
written by: Steve under News Comments: Comments Off
According to a recent Forbes Magazine article, bwin.Party CEO Jim Ryan has been in the US making a serious push to bring new investors on board as the company looks ahead to the day when online poker is legalized and regulated in the US. Ryan told Forbes, “My focus is on the U.S… Even though there is no guarantee that online gaming will ever regulate in the U.S.”
Party Poker left the US market in 2006 after UIGEA legislation was passed, and is one of the very few online poker sites that have settled with the US DOJ and in doing so admitted to violating US law –Party Poker handing over just over $100 million, while former owner and founder Anarug Dikshit coughed up some $300 million to avoid prosecution.
Now the company is eyeing a potential return to the US market, as talks of legislation heat up in the wake of online poker crackdown on Black Friday. Ryan remarked that due to Black Friday it’s unlikely either Full Tilt Poker or PokerStars will be allowed to enter the US market, which makes Party Poker the most recognizable brand in the US, even though they haven’t operated in the US since 2006!
In addition to merging with online gaming giant bwin earlier this year, Party Poker also purchased the World Poker Tour last year –perhaps the most recognizable poker tournament series in the US besides the World Series of Poker.
Ryan and bwin.Party have no illusions about the potential to secure a license, which is why they are looking for a partnership with an existing US gaming company. Ryan explained his vision of the future US online poker market to Forbes in the following way, “We had to be realistic about where we sat in the food chain… We figured if the U.S. regulated it would be unlikely that we would secure a license directly, that the laws of the land would be written to allow existing land operators and equipment manufacturers in the U.S. to secure the licenses.”
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