PartyGaming's PartyPoker is still $2 million dollars a day away from matching the poker-generated revenues it achieved before U.S. politicians put a stake in the heart of online poker.
Last week, PartyGaming announced its gross poker revenues generated through PartyPoker have slightly recovered after the company decided to stop taking customers from America, but they're still a long way from the dollars generated before Congress passed the Unlawful Internet Gambling Enforcement Act in September.
On Oct. 20, PartyGaming announced that its net daily revenues generated by poker during the third fiscal quarter averaged $2.7 million a day. But after PartyGaming stopped accepting real-money customers from the U.S., poker revenues dropped to approximately $640,000 a day.
Last week, the company announced that its gross daily poker revenues are now averaging $721,000 per day.
PartyGaming's problems came soon after the Senate sent the UIGE Act to the president on the last Friday in September. By that next Monday, all of the publicly traded online gambling sites, including PartyGaming, lost a very large portion of their value and were forced to decided whether to stay in the U.S.
PartyGaming was the first company to say it would not stay in the U.S., and all the sites publicly traded on the London Stock Exchange followed. The sites lost about $4 billion in value those first few days.
Because of the UIGE Act, the company was forced to undergo an extensive realignment, which is just about complete. Eventually, 945 jobs at PartyGaming were made redundant and eliminated. This represented about 41 percent of the workforce prior to the UIGE Act.
PartyGaming also introduced a new acronym to the world in its release: EMEA. EMEA represents PartyGaming's future as its most important market. The folks living in EMEA (Europe, Middle East, and Africa), represent about 80 percent of the recent total new player sign-ups, and 67 percent of its total gross daily revenue across all of PartyGaming products. The new products include poker, bingo, backgammon, sports betting, and casino games, and the company is expanding into other languages, as well.
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