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Poker.co.uk - Poker News Archive
Wednesday 14th November 2007 Mixed Fortunes for Online Poker Networks
Two of the leading European online poker networks released their third quarter reports this week, and the two were in stark contrast to each other, demonstrating the impact the Unlawful Internet Gambling Enforcement Act (UIGEA) has had on online poker.
Playtech, who are the owners of the iPoker network, reported a great third quarter, while CryptoLogic reported that profits since 2006 had fallen.
CryptoLogic, which includes the skins for William Hill Poker, Littlewoods Poker, Interpoker and Sun Poker, suffered after pulling out of the USA following the passage of the UIGEA. Poker income for this last year was reported at $4.8m compared to $8.3m the year before. Revenues from all their online gaming operations had fallen $32m, from $85m in 2006 to $53m in 2007. They have managed to decrease their operating costs though, and still maintain one of the best balance sheets in the industry.
The iPoker network, home of CD Poker, Titan Poker, TonyG Poker and Paddy Power Poker, reported very positive results, with revenue by the end of October reported at $7.5m compared to $2.1 this time last year. iPoker had also pulled out of the US market after the UIGEA was passed. Both iPoker and CryptoLogic have focused on the European and Asian markets, a move which many felt was necessary for many sites to survive the UIGEA fallout.
Source: OnlineCasinoNews
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