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.