Anurag Dikshit still holds a major stake in PartyGaming
The billionaire co-founder of an internet gambling company has pleaded guilty to violating US internet laws and agreed to forfeit $300m (£192m).
Anurag Dikshit, co-founder of the UK-listed company PartyGaming, entered the plea in a New York federal court.
He is charged with violating federal gambling laws, an offence which could incur a prison term of up to two years.
Mr Dikshit, an Indian national with an estimated fortune of $1.6bn, declined to comment to reporters.
The US justice department said Mr Dikshit, 37, had pleaded guilty to one count of "using the wires to transmit bets and wagering information".
US gambling law reforms in 2006 effectively made it illegal for PartyGaming to trade there.
Correspondents say Mr Dikshit, who still holds a major stake in the company, is unlikely to serve any jail time because of a plea agreement with prosecutors.
Mr Dikshit, who was released on a $15m bail pending sentencing next December, has already paid $100m.