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DATE: May 26 2012
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Poker.co.uk - Poker News Archive

Monday 17th December 2007

PartyGaming Confident Despite Threat Of Possible Prosecution

One of the world's biggest listed online poker and gaming firms, PartyGaming, has announced that it is remaining confident about earnings for the year as trading for the fourth quarter has been in line with expectations.

According to an estimate from five investment banks carried out by the Reuters news agency, PartyGaming should post a pre-tax profit of $76.3 million on revenue of $467.7 million.

The company is looking for new ways to boost revenues in the face of stiff competition and in the wake of loosing US-based poker players after the passage of the Unlawful Internet Gambling Enforcement Act last year.

On method includes diversifying and PartyGaming recently announced that it had signed a deal with filmmakers Paramount that will see the release of online slot machines themed around the Top Gun, Godfather and Saturday Night Fever films.

However, the firm is still awaiting a decision from US authorities following talks on whether it is to be penalised for taking online bets. The threat of retrospective prosecution, analysts say, has seen banks nervous about lending PartyGaming money.

A deal with the Department Of Justice would remove any problems, give PartyGaming the financial firepower to buy up rivals or return cash to shareholders or make it a possible takeover target for larger gambling firms.

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Source: OnlineCasinoNews

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