The CEO of PartyGaming Not Selling Shares

The CEO of PartyGaming, which is an online gaming group of London, is showing great confidence in the company. The CEO has reversed his previous plans he had of selling some of his existing stock in the company and taking options for 3.5 million shares.

Mitch Garber, under his initially planned sale program, he was going to sell shares between December 19 through December 31. The initial plan however was reversed. Garber at the present time holds 8.75 million worth of shares in the online gambling company. This amount is more than double the amount that he is obligated to hold in the company, that is stated in the terms that are listed in his contract with the firm, reported by the Reuters news agency.

PartyGaming online gambling company is currently waiting for the United States authorities to announce their decision on their punishment for the company for taking bets from United States gamers before the Unlawful Internet Gambling Enforcement Act was signed, putting the law into effect last year in October.

When this occurred, PartyGaming immediately withdrew from the gambling market in the United States, with this action they lost many of their online players which resulted in the loss of much of their revenue. They have in the past quarter shown a reasonable profit as they have found new markets and the players from those markets have replaced their loss of American online poker players.