Further speculation on a long awaited change to US online gambling laws has been fuelled by Bwin. Party as they go in search of US based business partners.
People speculating on the return of legalized online gambling to the United States should sit up and take notice when the world’s largest and most influential online gaming company starts looking for potential partners in that country. The hugely successful Bwin.Party that emerged when the UK’s Party Gaming and Austria’s Bwin gaming companies joined forces to create that world leading company is now focusing on acquiring the necessary business partnerships in the United States. They are doing this for what can be no other reason than they are expecting to be able to trade legally there at some point in the not too distant future.
This strategy has emerged after the company’s co-CEO Jim Ryan talked about the direction the company was taking during a presentation of its first half 2011 financial results. It is Ryan’s opinion that online gambling’s current status in the US was heading for a big change with legislation and proper regulation on the cards in what he called “the near term”.
Ryan also announced that his company is looking to finalize its agreements made with certain strategic businesses based in California as well as New Jersey. This would seem to follow the reasoning that these are two states that are at the forefront of attempts to legalese online gambling at state level before the slowly moving wheels of federal government grind into place on this issue. At this stage of developments, these potential partners in the US were not named.
Ryan also spoke of the benefits that could be reaped by the company’s poker brands lead by PartyPoker, Poker Room and WPT. This is because there is a distinct likelihood that the big four leading brands that were hit by the Black Friday Dept of Justice indictments would be excluded from trading in the US once the law had changed to a favorable position. On that note, Ryan has stated that Bwin.Party have no interest in acquiring Full Tilt Poker.
While the company have reported a first half fall in overall revenue of 21% for 2011 against the same time last year, they put much of the blame on higher taxes from regulated markets and a rise in marketing and operating costs. Despite the reduction in earnings, the overall outcome is better than was expected with a rise of 2% in their online casino revenues. The indications are good for the future, said Ryan and the Bwin.Party merger is continuing to meet expectations.