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PartyGaming.com CEO Mitch Garber said in a conference call with media journalists following the announcement of his company's first half results, that the online gaming industry is ripe for consolidation once the barrier of retrospective legal action from US authorities has been removed. He added that PartyGaming plc is well-placed to be at the centre of such activities.
PartyGaming and 888 Holdings plc initiated talks with the Department of Justice in June this year, seeking clarity regarding actions taken by law enforcement agencies against other internet gambling companies which had US-facing operations before last year’s enactment of the Unlawful Internet Gambling Enforcement Act. “The fact that companies like PartyGaming and 888 have voluntarily approached the Department of Justice is a huge step towards putting legacy issues behind any of the companies,” said Garber. “Talks are still in progress and I believe they have a good chance of achieving a positive outcome.”
“Everyone would like to see a satisfactory resolution and I believe we are moving in that direction. Once we achieve that, I think there will be quite a lot of consolidation activity,” he said. Garber expects Party Gaming to be involved in such deals.
“We are the world's biggest online poker operator,” he added. “We can certainly be a consolidator of fair sized companies and we can be a target of several of the large international gaming companies. We are a $2-3 billion market cap company. It wouldn't be unreasonable to assume that, at some point in time, both of those opportunities will present themselves and we'll deal with them as they come,” said Garber.
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