Shares in UK-listed PartyGaming fell by 4.1 per cent and Bwin, the Austrian operator, dropped 2.1 per cent as hopes for a tougher line from the EU in support of online gambling operators shut out of the US appeared to have been dashed.

The European Union agreed to a US offer to open some other services markets as compensation for closing its online gambling market to foreign operators.

European gaming companies had hoped that the EU would reject any compensation offer and instead push for an opening of the US gambling market.

Other gaming shares witnessing a drop on Monday included Sportingbet plc down 2.87% to 50.02 pence and Unibet Group down 2.87% to SEK203.00.

The EU decision was hardly a huge surprise considering that many of the European Union countries policies mirror that of the US, most notably France.

The online gambling industry remains optimistic about a ruling in a matter that challenges the Constitutionality of the Unlawful Internet Gambling Enforcement Act in the United States filed by grassroots trade organization, iMEGA.

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Christopher Costigan, Gambling911.com Publisher CCostigan@CostiganMedia.com

Originally published December 17, 2007 8:51 am EST