A calculated gamble. What else would you expect from the co-founder of an online gambling site? And that is what Anurag Dikshit’s attempt to settle with the Department of Justice yesterday was.

It’s a gamble because Mr Dikshit risks jail — two years — but it is a risk he clearly believes is worth taking as a result of discussions with US authorities. As well as pleading guilty yesterday to illegal web betting, Mr Dikshit, who retains a 27 per cent stake in PartyGaming, has been ordered to pay out $300 million (£192 million). The price is high, but could buy peace of mind, and not all that high relative to his wealth. He made £420 million when the company floated in 2005 and £65.7 million when he sold shares in 2006. He also received a dividend of $64 million that year.

It also bodes well for the listed companies in online gaming. The threat of legal action has hung over the industry for two years and Mr Dikshit’s move is widely believed to be a positive one for those in negotiations with the DoJ. Analysts expect these companies, known to include PartyGaming, 888 and Sportingbet, to reach deals soon.

PartyGaming yesterday cheered investors by announcing that its talks over a financial settlement are advanced and at a “significantly lower” price than Mr Dikshit’s $300 million. Analysts reckon it will be about $100 million. Any agreement is also “unlikely to include a criminal plea”.

The upshot is that the threat of legal action in the US could be removed by the end of next year, paving the way for consolidation in the industry. There is also a real chance that with the new US presidency, the ban on internet gambling may be reversed in favour of regulating the market.

In a year or two, the likes of PartyGaming and its biggest shareholder, Mr Dikshit, could be laughing all the way to the bank . . . again.

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