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PartyGaming is currently licensed under the Gibraltar Gambling Act to operate remote gambling and online casino activities from Gibraltar. The licence has been granted for a period of five years, expiring on 31 October 2009, and renews annually subject to the payment of a prescribed fee (currently £2,000).

New legislation, the Gibraltar Gambling Act, has been enacted that updates Gibraltar's gaming legislation and provides a modern framework for the licensing and regulation of online gambling.

The current licence includes provisions entitling the regulator to revoke the licence on public interest grounds and to refuse a renewal if a breach of any term or condition is not remedied within 90 days of the licensee being notified. No assurance can be given that the Group’s gaming licence will not be revoked or that any new, renewed or subsequent licences or approvals that may be required of the Group in the future will be granted.

Under the current licence, the Group is required to relocate its real money poker gaming servers to Gibraltar and commence operations in their entirety from Gibraltar within six months of the availability of sufficient telecommunications capacity in Gibraltar to support such servers. No assurance can be given that these telecommunication services will be available, particularly in view of the significant bandwidth requirements of the Group’s online poker business. Any failure to relocate the poker servers that results in a dispute with the Gibraltar Government as to whether such failure is due to inadequate telecommunications services may result in revocation or non-renewal of the Group’s licence in Gibraltar.

If the Group’s licence were revoked or not renewed and not replaced by the Gibraltar authorities, the Group would have to relocate its servers and other operations to another country, which would incur significant capital expenditure and may have a material adverse effect on the Group’s operations and financial position.

There can be no assurance that potential future laws and regulations will not have a material adverse effect on PartyGaming’s operations in Gibraltar. If the regulatory regime in Gibraltar were to be changed adversely, the Group may have to relocate its servers and other operations to another country, which would incur significant capital expenditure and may have a material adverse effect on the Group’s operations and financial position.