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Written by Marcus | Monday, March 16th, 2009
The numerous players who had discovered online poker before 2006, proceeded to open their first online account with PartyPoker.com. Right before the Unlawful Internet Gambling Enforcement Act (UIGEA), this site was a strong sector in the U.S. market for various years. As a result of the fear created by the U.S. Department of Justice about the most probable laws relating to anti-gaming legislation, PartyGaming took the exit road away from the U.S multi-million dollar market. Nevertheless, barely into it s two years from its sudden departure, there are rumours of its return.
Last Wednesday, PartyGaming PLC reported a $25.3 million increase on its annual earnings from 2007, showing a profit of $66.9 million. Amidst that, overall revenue dropped by 1 percent to $472.9 million, but the administrative costs lowered down to 26 percent. However to this date, the firm is still feeling the absence of the American players and expressed the hope of returning towards the U.S. market.
Martin Weingold, PartyPoker finance director, stated over the annual earnings report, and said he felt “reasonably optimistic” about the changes inside the U.S. that would permit the company to make a comeback in the “not too distant future. Making a reference to the promise of Rep. Barney Frank to present a pro-gaming legislation later this month, Weingold said this was a very “important first step” in the whole process.
This news comes right after the statement by PartyGaming chief executive Jim Ryan earlier this week about the company’s recurring talks of an arrangment with the U.S. Attorney’s office. Ryan spotted “good progress” in the talks that will expect PartyGaming to pay a quantitive fine for previously taking wagers from online players inside America. It has been speculated that the fine will be close to $150 million, in spite of co-founder Anurag Dikshit’s latest guilty appeal and a $300 million-related fine.
As to Dikshit, Weingold also retorted, “His position is entirely personal. We believe there will not be any criminal plea against the company or any of its former directors.”
Even though any changes done in the U.S. legislation would be likely to take some months to process and become law, Rep. Frank’s resolute is providing motivation to the numerous online gaming companies that have been observing from the sidelines as the United States market continues to grow. Online poker playing is on the increase each year, and companies such as FullTilt Poker and PokerStars.com are reaping all beneficial profits whilst avoiding the anger of the U.S. Department of Justice. However, PartyPoker is eyeing for the prize, and is sitting patiently for the perfect timing and situation to open up for its return.
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