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Loses posted for Party Gaming
The parent company of Party Poker, Party Gaming, has posted loses of $26.5 Million for the 2009 fiscal year. Party Gaming is one of the few publically traded companies that have online gambling. The 2008 fiscal year profits for the company were over $66 Million.
When the now infamous UIGEA (Unlawful Internet Gambling Enforcement Act) was pass in 2008 the company made the choice to pull out of the US market. Other sites that stayed in the US market after the law passed have actually increased their revenues. Those other companies where only able stay in the US market because they didn’t have to answer to investors.
Party Poker didn’t come out of the UIGEA mess unscathed since they were hit with a fine of $105 Million, but settled out of court paying $15 Million.
Jim Ryan, the Chief Executive Officer of Party Gaming, has stated that the site may be looking to buy, or merge with, other gaming companies in the near future, snowballing their way to the top spot once again. The group did purchase the World Poker Tour last year. The group is also a firm believer that the United States government is considering the lessening of the notoriously tough online poker laws of the US.
News Added: 09 March, 2010
Number of views : 449
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Online Poker Site Of the Month |
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Pokernewstoday.com has selected Aced Poker as the site of the month!
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The Aced Poker Bonus Code can be used up to 2 times, and will be paid out in increments of $5.00. You will need to earn 250 comp points per $1. This is a great bonus, and one of the easiest to earn in the online poker industry.
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Online Casino of the Month |
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We have chosen Club USA Casino as our online casino Site of the Month. Club USA Casino offers a whopping 100% to $777 bonus and accepts USA Players!.
The slots are fairly loose and we have had a good run on this site over the last month...
Download Club USA Casino Now
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Disclaimer:
People from thousands of jurisdictions access the internet. It is impossible for us to stay current with the laws of every jurisdiction. Please make sure that any activities you engage in online are legal where you live.
We have reason to believe that it may be illegal to gamble online in: Illinois, Indiana, Louisiana, Nevada, Oregon, South Dakota, Washington, Michigan, New York, New Jersey and Wisconsin. If you live in one of these states, we advise you NOT to gamble online. |
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