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May 30 - Keen to make a clean break from the problematic US bingo market
because of ambiguous gambling laws, the Canadian-based Parlay Entertainment
has announced that it has fully divested itself of its assets that were
associated with this market. These include non-core assets, as well as all
licensing arrangements that had previously tied the company to the bingo
industry in the United States.
Speaking about the move, Parlay Entertainment's Chief Executive Officer,
Scott White said: "Parlay's management has been mindful of the uncertainty
created by recent legislative changes and as a result, has reviewed both the
composition of and the jurisdictions which are the focus of its existing
customer base."
"The divesture of these assets provides excellent value for Parlay's
shareholders while at the same time allowing Parlay to focus all its future
efforts on the development, marketing, licensing and support of internet gaming
technologies into regulated jurisdictions."
As a result of the divesture, Parlay Entertainment has cut ties with all
licensees in the US market with which it had contact before the infamous
Unlawful Internet Gambling Enforcement Act became law. The law essentially bars
banks from honoring transactions between online gambling operators and US
citizens.
Parlay's management did not hesitate for a moment in developing its non-US
contacts and the company is now firmly settled in jurisdictions that are more
welcoming and easy to operate in. Today, Parlay Entertainment's software can be
found in an impressive number of online casinos and bingo rooms that serve the
European and other non-US markets, including Bingo.com, Virgin, Yahoo! and Paddy
Power.
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