In the time since the US Congress decided to pass the Internet Gambling law, online gaming group PartyGaming has announced that it will cancel its dividend which was due to be paid at the end of this month.
The world’s biggest internet gambling company said that it had decided to cancel the interim dividend of three cents a share in order to spend the money, a total of £64 million, on acquisitions.
The company, which derives 90 percent of its revenues from the US through sites such as sportsbetting.com and betonusa.com, said that the ‘material adverse change’ to its business from the new law could put it in ‘technical default’ of its loan agreement.
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