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Settlement Reached Between Party Gaming and US Over Online Casinos
Rummors are flying over a possible settlement between the US Department of Justice and Party Gaming have continued to inspire extensive media channels around the world, although no official confirmation has yet been issued by the online gambling. The NY Post published an article stating that unidentified sources had revealed that redeeming Party Gaming's pre-UIGEA participation in US Online Casino Gambling was going to cost the online company an incredible $1 billion. The article claimed "industry sources" provided the information about the $1 billion penalty which comes after long negotiation between the U.S. Department of Justice and Party Gaming Casino officials seeking to fix the damage on pre-2006 US online casino.
The article's author mentions that PartyGaming's founders, Russ de Leon and Ruth Parisol, pocketed a sum of $7 billion when they took the company public in London, but could be bankrolling part of the alleged massive settlement to avoid shareholder backlash. Law professor Joseph Kelly at the State University of New York-Buffalo, stated: "They may be paying a huge fine to get this behind them, but it won't get them any closer to online betting here anytime soon."
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