Online gambling firm PartyGaming sees increase in profits

The online casino and gambling company PartyGaming, listed on the UK Stock Exchange (UK:PRTY), has posted an increase in profits for the 2008 period. According to the online gambling firm's report, the year 2008 brought net profit of $66.9 million or 61% higher than the year before, although total revenue fell 1% as the internet gambling business struggles to shake off the U.S. departure. According to PartyGaming reports, the online casino was the money maker last year - revenues from the online casino in 2008 rose 22%, while the online poker room revenue was down. Sports betting and bingo operations also showed growth.

Meanwhile PartyGaming's new chief executive Jim Ryan showed optimism in the UK media that a deal with the U.S. could be near. The CEO of the British online gambling company said that there is progress in the talks with the New York US Attorney's Office over a settlement that would draw a line under the online casino company's previous acceptance of so-called "illegal" bets from USA citizens. Experts predict that the gambling firm will pay around $150 million to get out of trouble.

Published on 03/12/2009