PartyGaming blames its huge 68% drop in profits of the company on the implementation of the Unlawful Internet Gambling Enforcement Act. This act was implemented in the later part of 2006. And to make things worse for the company, its present CEO Mitch Gerber is set to leave the company next year.

PartyGaming is famous for its PartyBingo, and had diversified into the US market basically to make up for the losses brought about by UIGEA. Online gaming operators, the online bingo industry and UK online bingo halls have all been hit by UIGEA with its disruption of financial transactions between US online bingo players and its operators.

PartyGaming is a company that has led the online bingo and gaming industry by acquiring a larger stake in European and Asian market. Though its stock had dropped in 2007 and 2008, its performances despite circumstances created by UIGEA are considered remarkable by online bingo industry observers.

 

However, the company still has talks planned with the US authorities regarding pre-UIGEA gambling activities and hopes to reach a conclusion to all these matters in the near future.

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