Post-UIGEA Pre-tax Demise for Online Casino Provider
By staff
Online poker software provider Playwize plc has announced that its disappointing full-year pre-tax losses have grown to four million dollars compared with $3.75 million last year.

Formerly Bits Corporation, Playwize said that the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) banning Internet gambling financial transactions in America was having a chilling impact on the online gaming sector and generally making the raising of further capital difficult. Without these adequate funds, the company said that it was finding it difficult to promote its product effectively.

The company said it intends to pursue licensing arrangements with various online poker rooms to license its Internet three-dimensional poker technology and announced that it had inked just such an agreement with Ladbrokes International Limited, a subsidiary of top UK gambling group Ladbrokes plc.

Revenue for the year was declared at $145,104, down from last year’s $159,429 with administrative expenses rising to $1,062,210 from $808,914.

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