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March 14, 2009 Online Casino News:
PartyGaming Sees Profits
It seems that all we keep hearing in the
news lately is about how everyone is
losing money. The online casino industry
has been hit as well by the economy,
although granted not as badly as the
land based casino industry has been.
There is a good chance that there are no
industries that have not been impacted
by it, some more than others.
However, in the case of PartyGaming we
have been hearing more about their case
with the United States government than
we have been about them financially. The
online casino is well known for its
problems with the US after the passage
of the Unlawful Internet Gambling
Enforcement Act, or UIGEA. Many online
casinos pulled out of the market, but
they were not one of those that moved
right away. They are out now, but that
doesn’t change the fact that the US is
going after them for breaking the UIGEA.
So we have been following them in the
news and hearing how they are close to
coming to a settlement with the US –
something that many thought would still
be a ways off since the settlement that
their co-founder Anurag Dikshit came to
with them. But they are more excited to
talk about the fact that they are still
making a profit even though many are
not.
According to the online casino last year
they made a net profit of $66.9 million
– which is 61% higher than it was last
year. Their total revenue dropped 1%
from their dealings with the US, but
their online casino made 22% profit over
the year before. Their online casino
poker room showed less growth as did
sports betting and bingo.
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