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Party Gaming Results Affected by UIGEA

On August 29th, 2007, Party Gaming, previously the biggest casino online site all over the world revealed that they have loss $47.1 million in profits for the first part of 2007 compared to the same period last year when Party Gaming earned $320.5 million.

Profits decreased from $661.9 million between the period of January and June 2006 to $212.5 million from between January and June 2007. But continuing profit, which sets aside the effect of the Unlawful Internet Gambling Enforcement Act by factoring Europe, Middle East and Africa, improved 42% to $212.5 million compared with the same period last year of $149.8 million.

The CEO of PartyGaming, Mitch Garber, said even with the results, they were able to achieve good performance for the first part of the year by having new members and broader gaming base. They plan to continue with their recent strategy by encouraging their customer base and by adding to their offerings.

Garber added that in the 4 weeks from the end of August 26th, 2007, the daily gross daily profit was $1,418,000 million, a 1% slide over the month of July but showing the holiday time in Europe.

New poker player members is at 1,138 players everyday and there are 59,000 active players daily, producing gross daily profit of $854,000. In Party Gaming's casino, the daily gross profit was $501,000 while in sports wagering daily gross win was $56,000.

Garber said that over the coming months, they expect to announce some business partnerships with leading gaming organizations. He expects that those partnerships will help them enhance Party Gaming. They are also hopeful that they will have great results for the rest of the year.

Party Gaming's performance in 2006 was disrupted by the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) in the U.S. on October 13th, 2006 and Party Gaming's decision to not accept U.S. based customers. Poker remained the biggest chunk of Party Gaming's operations. In the 6 months up to June 30th, 2007.

Poker represents 66% of profits of Party Gaming compared with 86% from the same period last year. PartyPoker remains the biggest part of Party Gaming's business interests.

The company's poker profit also grew by 8% to $140.5 million dollars compared with $129.5 million dollars from the same period last year due to good new member growth.

 

September 23, 2007
Michael Orwell

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