|Online casino giant PartyGaming, a group which has a portfolio including online bingo, casino and poker sites, has stated that it is optimistic about the company’s future despite significant pre-tax losses.|
The group blamed the dip in profits 'almost entirely' on their withdrawal from the US market following the introduction of the Unlawful Internet Gambling Act (UIGEA) last year.
PartyGaming announced that its overall pre-tax loss, including discontinued operations, was $47.1 million (£23.5 million) in the six months to June 30. This represents a significant decline in business compared to the same period in 2006 where pre-tax profit stood at $320.5 million (£160 million).
On a more positive note the company was keen to emphasise that earnings from continuing operations were up 29 percent before tax from $28.5 million (£14.2 million) for the first half of 2006 to $36.9 million (£18.4 million) in the first six months of 2007.
The gaming company also confirmed expansion plans with the announcement that is has: ‘been busy developing a series of online gaming brands for a major household name in the UK’.