PartyGaming reviews in-house team after US exit

Partygaming is reviewing its in-house legal function as part of a wider assessment of its costs base as the online gaming company prepares to exit the US market.

The company, which bowed out of the FTSE 100 last week, has suspended its real-money gaming business with customers in the US. The move is in response to a US law expected to be enacted at the time of going to press, which outlaws the processing of online gaming payments by banks and credit card companies.

Commenting on the exit, one PartyGaming source said: “We will have to review and re-align the group’s cost base to accommodate our changed business environment.”

PartyGaming recently announced it was cancelling its interim dividend, which would have cost $115m (£61.97m).

No decisions have yet been made on where costs will be slashed. PartyGaming’s legal function, headed by David Abdoo, is understood to have some six lawyers. PartyGaming declined to comment.