PartyGaming Q1 Revenues Up 27 PercentDate published: 6 May 2010
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PartyGaming reported that group revenue increased to £84 million in Q1, while its casino revenue increased by 25 percent to £34 million,. However, while its casino revenues soared, its poker revenues dropped to £31.7 million from £35.4 million during the same period last year. The drop in PartyGaming's poker revenues is attributed to its continued loss of poker revenues resulting from its decision to pull out of the lucrative U.S. online gambling market once Congress banned it in October 2006. However, other gaming firms continue to accept U.S. players. As a result, PartyGaming - like most of the world's online gambling firms - are hoping that the U.S. government overturns the online gambling ban in favour of a legalised and regulated online gambling industry, that would allow foreign gambling firms to legally accept American players. Whether that will ever happen or not remains to be seen. But PartyGaming executives have confirmed that they are greatly encouraged by Congressmen Barney Frank and Jim McDermott's initiatives to push through a new bill to legalise and regulate online gambling in the U.S. 'We are seeing increased momentum towards regulating online poker,' said PartyGaming CEO Jim Ryan. 'It's even possible that it could happen this year and we're prepared if it does.' In anticipation of this, PartyGaming has already set up an operation in Los Angeles with 38 staff. Continued Ryan regarding potential business-to-business deals with U.S. operators, 'We've got a number of U.S. operators who we're talking to right now about providing them with online gambling services and software. That gives us good reason to think regulation isn't that far way.' PartyGaming owns and operates PartyPoker.com and PartyCasino.com. |
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