Chartwell focus on the European market pays off

Along with most other online gambling public companies, Canadian provider Chartwell Technology took a stock price hit when the news of the US ban broke last weekend, but the company has focused on European business for some time and this will ameliorate the impact of a US financial ban, it claims.

The recent regulatory developments in the US have prompted the company to reiterate this stance on the geographical diversity of its revenue sources it said in a special statement this week.

The statement says that Chartwell's aim has always been to focus on building licensing relationships with operators who target gaming friendly jurisdictions.

Darold H. Parken, President and CEO, said, "Chartwell's business and client base has always been focused on the European market. As such, we have positioned Chartwell to benefit from a move towards regulation in the European Union or, as in the current environment, to mitigate any significant losses in revenue as a result of US prohibition.

"The US position on the industry has been uncertain for quite some time now and we recognized early on that the immediate growth of the industry would be in the European Union and accordingly, that was and remains our focus."

Unfortunately the statement did not clarify Chartwell's position on accepting business from US players once the new US law comes into effect.