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The Fall of PartyGaming |
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"Gambling is a serious addiction that undermines the family, dashes dreams, and frays the fabric of society. Congress has grappled with this issue for 10 years, and during that time we've watched this shadow industry explode...Although we can't monitor every online gambler or regulate offshore gambling, we can police the financial institutions that disregard our laws."1 - Bill First, a Senate Member, in October 2006. "In many countries, including the United States, the group's activities are considered to be illegal by the relevant authorities....PartyGaming and its directors rely on the apparent unwillingness or inability of regulators generally to bring actions against businesses with no physical presence in the country concerned."2 - PartyGaming's Prospectus, June 2005. IntroductionAfter the Act came into force, the site lost 80% of its customers; and its expected revenue loss was US$ 250 million. PartyGaming, a Gibraltar-based company, started its business of online gambling in the late 1990s.
The Fall of PartyGaming - Next Page>>
1] Lianne Elias, "US Congress Passes
Anti-Internet Gambling Legislation," www.pokerlistings.com, October 02,
2006.
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