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U.S. law hits PartyGaming results

29 Aug 2007

GIBRALTAR -- As reported by the BBC: "Half-year profits at online gambling firm Partygaming have been wiped out, after the firm ended trading in the US following a change in the law.

"The Partypoker website operator posted a pre-tax loss of $47.1m (£23.5m) for the six months to June. Last year it reported a pre-tax profit of $320.5m.

"Laws passed in the US last October effectively made it illegal to trade there, hitting the business.

"But continuing operations were performing "strongly", the firm added.

"But the firm's shares are still less than a fifth of what they were at their peak at the beginning of 2006 when they hovered around 155p..."

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