Time for online gambling acquisitions

LONDON -- (REUTERS) -- The heads of two of Britain's biggest online gambling firms have announced the intention of buying companies impacted by new U.S. legislation passed by Congress during the weekend.

"We are very focussed on mergers and acquisitions. I see our liquidity as being very attractive to smaller companies who may not be able to survive on their own," said Mitch Garber, chief executive of PartyGaming Plc.

The Financial Times reported that Gigi Levy, who takes over as head of 888 Holdings Plc this year, said he thought consolidation would start off between online operators.

The US Congress unexpectedly approved a bill early on Saturday 30 September that would make it illegal for banks and credit-card companies to process payments to online gambling sites.