There was one little but extremely pregnant line buried in PartyGaming's non-prosecution-agreement press release that caught my attention.
"If requested by PartyGaming, the USAO (United States attorney's office) will bring the co-operation and remedial actions of PartyGaming to the attention of other licensing and regulatory authorities."
Seriously?
The Probably Fair and Factual Interpretation
In other words, the Justice Department will tell any regulatory authority with questions of probity that, you, PartyGaming, went about things the right way. It will tell them you left the United States when the UIGEA was signed into law, and, like a responsible company with its shareholders' interests at heart, you initiated talks with the goal of setting the record straight.
To your credit, you did, and rather at a discount to early estimates. And to the Justice Department's credit -- shudder -- the end game here was clearly not to ravage a legitimate business.
Why Having the DOJ Vouch for You Is Absurd
It's simple. Co-opting the Moody's rating system, the DOJ's credibility would likely earn a "C" -- or maybe up a notch to "Ca," given Tuesday's deal.
Exhibit 1: The DOJ, for reasons few understand, continues to maintain that all Internet gambling in the United States is illegal. This despite turning a blind eye to interstate online horse race betting and, in doing so, dragging the United States into a dispute with Antigua -- and perhaps the European Union -- at the World Trade Organization.
Exhibit 2: The DOJ, whose bright ideas so far have included protecting American players by forcing well-regulated businesses out of America, has no business going to bat for you before any sane regulator.
Exhibit 3: The DOJ is still seeking one of your founders and considers your past activities in the United States criminal -- illegal . . . even though it isn't going to prosecute you.
Why Your Resume Is Still Pretty Good without the DOJ as a Reference
Exhibit 1: You've been regulated in Gibraltar for a while.
Exhibit 2: You were admitted to and trade on the London Stock Exchange.
Exhibit 3: This week, you landed one of the world's largest publicly traded lottery technology suppliers, Intralot S.A., as a client. Which is nice.