|According to the Reuters news agency, the head of London-listed online gambling group PartyGaming has announced that he will not be selling his existing stock in the company but will be exercising options on a further 3.5 million shares.|
Chief Executive Officer Mitch Garber had announced plans to sell his shares next month but this decision has been deferred. He now holds 8.75 million shares in the firm, more than double the amount he is obliged to hold in terms under the terms of his contract.
The online gaming group is awaiting a decision from US authorities on its likely punishment for taking bets from American gamblers before the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA). Party Gaming immediately withdrew from the US market after the legislation was ratified last October.