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Tough Year for Party Gaming

Party Gaming is one of several online casinos companies that have had a very difficult time recovering from the 2006 U.S. withdrawal from the internet gambling industry. Party Gaming has spent more than a year now restructuring and refocusing the company on the European and Asian markets as a way to ensure continued profits, but the growth in these sectors has not managed to even remotely compare with the company’s revenue and growth figures prior to the U.S.’s online casinos gambling ban. Party Gaming has released the company’s 2007 full year financial results – and they are certainly nothing to write home about.

Party Gaming enjoyed the position as one of the top online casinos gambling Web sites in the United States prior to the 2006 Unlawful Internet Gambling Enforcement Act (UIGEA). Once the U.S. forced the majority of the internet gambling companies out of the U.S. market, profits dropped significantly. Then there is the fact that several of the online casinos companies could face legal action from the United State Department of Justice – this makes companies like Party Gaming and 888.com virtually untouchable. No bank or other gambling company would risk partnering with Party Gaming while the U.S. still threatens legal action for internet gambling in the country prior to the UIGEA.

Party Gaming immediately left the U.S. market once the UIGEA was passed, but the company has had a difficult time cultivating enough of a European online casinos market share to compare with the numbers of U.S. gamblers that were lost to the company. The year-end figures show that Party Gaming is down 68 percent compared to 2006 year-end financial results. And while that figure is startlingly high, Party Gaming is actually in the process of raising the number of registered players in the UK market.