[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Thursday, 1 March 2007, 08:46 GMT
US law hits Partygaming profits
Playing card and betting chips
Many online gaming firms have withdrawn from the US
Internet gambling firm Partygaming saw pre-tax profits fall 57% in 2006 - as it began reshaping after a crackdown on internet gaming in the US.

It said that legislation making it practically illegal to trade in the US - where it had generated 75% of its earnings - had proved a "bitter blow".

Profits were $138.9m (70.8m) - after the firm spent $250.4m on reorganising costs - mainly after the US ruling.

However, business elsewhere was in "excellent shape", it said.

Illegal

Like other gaming firms including 888.com and Sportingbet, Gibraltar-based Partygaming withdrew from the US and began focusing on other markets.

In October, President George W Bush signed the Unlawful Internet Gambling Enforcement Act - making it, in effect, illegal for firms to collect money there.

Total revenue from its websites - which include PartyGammon.com and EmpirePoker.com as well as the Partygaming brand, was up 13% to $1.1bn (561m).




VIDEO AND AUDIO NEWS
How the crackdown has affected businesses



SEE ALSO
Ex-888 boss faces French grilling
27 Feb 07 |  Business
Partygaming in rival buyout talks
28 Dec 06 |  Business
Partygaming dealt $250m US bill
20 Oct 06 |  Business
Gaming firms exit US for just $2
13 Oct 06 |  Business
Gaming firms plan for US upheaval
13 Oct 06 |  Business
US gaming ban hits UK firms most
02 Oct 06 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

PRODUCTS & SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific