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Online gambling site Party Poker announces 2009 revenue falls

03/04/2010

PartyGaming has today released their figures for the whole of 2009 which show lower revenues and losses.

The company, based in Gibraltar released a report which showed a $30 million total fall whilst poker revenue suffered a massive $80million drop on 2008. The drop in poker revenue was bolstered by gains in casino and a mammoth increase in online bingo revenue from just $5.9 million in 2008 to $32.8 million last year.

2009 was a tough year for the online gambling giant after having to pay US authorities $15 million of a $105 million agreement to avoid being prosecuted after the UIGEA was introduced in 2006.

Despite the downfall in revenue – 2009 saw a PartyGaming expanding after buying Cashcade and the World Poker Tour. CEO Jim Ryan said in a supporting statement: “We delivered a solid performance during 2009 which demonstrated the resilience of a business model that continues to generate strong cashflow, even in the most challenging of circumstances.”


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