It seems that the new problem Partygaming will need to address is the defection of some of the heavier gamblers outside the United States. Many of these gamblers continue to gamble online through privately owned poker sites that are choosing to ignore the ban.

"Overall yield per active player day has been affected by the loss of higher-raking players, but this has been partially mitigated by strong levels of new player sign-ups that have averaged over 1 400 per day," a spokesman told Reuters.

Partygaming has made some extreme changes within the company as a result of the U.S. ban and the subsequent withdrawal from the American market. The online gambling group has cut 945 jobs, the equivalent of 41 percent of its workforce. Partygaming now takes the majority of its revenues, about 67 percent, from Europe, the Middle East and Africa while Canada and both Central and South America make up an additional 27 percent.

Partygaming announced this week that over the four weeks leading to December 11, the overall daily revenue averaged over $921,000 while the overall number of active players per day averages about 52,000, excluding sports betting. The group acquired its new Gamebookers unit in August 2006 that exclusively deals with sports betting. This unit has averaged an estimated daily gross win of $65,000.

On November 30, Partygaming announced a total net cash of over $46million. Following the recent changes the group is undergoing, the new results for the year ending 31 December 2006 will be made available on 1 March 2007.

Posted on: December 18, 2006

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