Party Gaming Founder Anurag Dikshit Completes Divestment

Posted on 25/01/10 - by Theodor Mavrodis News

Party Gaming is one of the online gambling and gaming big shots that endured severe hardship from the disastrous American UIGEA legislation. One of the founders of the company, Anurag Dikshit, was hit hard both legally and financially and recently completed the selloff of his Party Gaming PLC Shares.

Party Gaming Divestment
Although Party Gaming now is long past the difficult era of UIGEA-related struggles, former Party Group Operations Director Anurag Dikshit still feels the aftermath. He recently completed his Party Gaming divestment and sold off his last share, resulting in a 7% prize drop of Party Gaming's LSE-listed shares because of the sheer volume of the transaction.

Dikshit currently still faces the risk of having to do prison time. Back in December 2008 Dikshit pled guilty to the charge of having provided illegal Internet gambling services in violation of the Federal Wire Act, and paid a hefty fine of $300 million.

Stemming from this plea Dikshit still faces the risk of further legal prosecution, possibly partly explaining the multi-billionaire's eagerness to take his hands of Party Gaming for once and for all.

Trouble with the US Government
Although Party Gaming, known for amongst others the successful Party Casino, stopped providing services to US customers as of October 2006, the American government was determined to prosecute the gambling giant.

In April 2009 Party Gaming decided to put an end to the ongoing uncertainty, and agreed to pay a fine of $105 million to establish a non-prosecution agreement. Part of this deal was that Party Gaming signed a statement of facts, hereby admitting it provided unlawful services to US customers before October 2006.