PartyGaming Stock Rises With Possible US Return Looming
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PartyGaming was once considered to be the top online gambling company in the world, but legal trouble with the US caused the company to lose some of its steam in recent years. PartyGaming was accepting US online poker players, and eventually the US went after the foreign-based company.
A settlement was reached in the case, and that freed PartyGaming up to pursue a move into the US market in the future should the country change its current online gambling laws. In the meantime, PartyGaming reported a fifteen percent profit increase in the last year, driven mainly by their casino and bingo offerings.
In recent months, PartyGaming has moved into countries such as France and Italy. Other countries have also changed their gaming laws, and PartyGaming is expected to be offering their service to customers in Greece, the Netherlands, Spain, Germany, and Denmark in the near future.
“The overall growth of PartyGaming is in line with other online gaming companies,” said Gaming Analyst Steve Schwartz. “With so many more countries now openly accepting Internet gambling, the industry is only going to become more profitable as time goes on. PartyGaming should continue to see their figures rise in the coming years.”
Net income for PartyGaming in the last year was $54 million. The year prior, PartyGaming had a loss of 4.5 cents per share. Sales were up to 357.3 million euros. The gaming revenue itself is currently being overshadowed by the companies acquisition of Bwin Entertainment. The newly formed company, Bwin,party Digital Entertainment Plc., is expected to become one of the largest and most powerful online gaming companies in the world.
Mergers seem to be the new trend in online gaming, with companies trying to position themselves to enter some of the major markets worldwide. The US will eventually be the prized market, but lawmakers have yet to successfully come up with a bill that would overturn the Unlawful Internet Gambling Enforcement Act.