Party Gaming Loses 26m in poker

Despite overall increased consumer interest in online poker playing, PartyGaming.com reported more than $26 million in losses in 2009 on the poker side of the business.

Despite this huge loss of revenue, Partygaming.com executives are confident that 2010 will bring better days for poker.

“Whilst the macroeconomic environment remains uncertain,” said PartyGaming CEO Jim Ryan, “We remain focused on executing our stated strategy and are confident about the group’s prospects.”

PartyGaming.com runs PartyPoker.com and reported a drop from the $66.9 million in poker profits it reported in 2008. Total revenue for the site declined 6% to $446.2 million.

Party gaming executives blame part of the revenue loss on the $105 million settlement it was ordered to pay by the US Atty.’s office in April. The company avoided prosecution for providing Online Poker & Online Casinos for US Players prior to the full enactment of the Unlawful Internet Gambling Enforcement Act (UIGEA).

Part of the settlement involved PartyGaming.com agreeing to stay out of the US Internet gambling market. The company hopes that if the UIGEA is lifted, it will be in a good position to move back into the U.S. market.

“We believe that at some point the U.S. will regulate online gaming and we want to be ready to take that opportunity,” Said Ryan. “We have a number of organizations who are willing to do business with us. It is our ticket back.”