Bingo Provider Parlay Moves Away from US Market - 05-30-08

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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