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Friday, October 20. 2006

PartyGaming take $250 million hit on US exit

Online gaming firm PartyGaming said today that its decision to pull out of the US market is expected to cost the company about $250 million (£133 million) in the second half.
The company suspended its operations in the US on October 13th after US president George Bush ratified a law banning banks and credit card companies from processing online gambling payments.
Yesterday, PartyGaming rival Sportingbet said that its own pre-emptive withdrawal from the US market following the passing of the law, which effectively outlaws online gambling, was likely to cost the company £210 million.
In a statement, PartyGaming chief executive Mitch Garber said that the introduction of the law had "changed the shape of our business fundamentally".
But he stressed that while the US market had traditionally represented the majority of revenues and profits for PartyGaming, the Gibraltar-based group's non-US operations had continued to deliver "strong growth" during the third quarter of 2006.
The firm reported that non-US revenue rose to $92 million (£49 million) between July and September, up by 158 per cent on the previous year.
Overall group revenue rose by 53 per cent over the period from $220 million (£117 million) in 2005 to $337.2 million (£179 million).
The company's chief added that it had already introduced moves to reduce its cost base following its withdrawal from the North American market.
"PartyGaming is a highly dynamic business, one that has proved time and again its ability to adapt to new challenges and new environments," Mr Garber insisted.
"The group has some of the most talented people in online gaming and we are determined to play to our strengths: offering consumers online brands they can trust, using the very best technology and supported by outstanding customer service," he added.
source : www.guardian.co.uk

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