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

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