Online gambling companies PartyGaming and Bwin Interactive Entertainment have agreed to merge companies in light of the recent vote that may set the stage to legalize internet casinos in the U.S.
This week the House Financial Services Committee voted to move legislation to the House that would reverse the 2006 ban an internet gambling.
Although both companies have been prosecuted by U.S. lawmakers for allowing Americans to take part in illegal online gambling activities, the duo is hoping that they will be able to apply for a license once the measure passes.
PartyGaming has reached an agreement with the U.S. department of Justice to settle the issues caused by former activities, which may allow them to qualify for licensing.
The merger, which has been six months in the making, is subject to shareholder approval and will be structured as a reverse takeover of PartyGaming by Bwin with shareholders holding 51.6% of the newly formed company.
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