Online Gambling Giant Party Gaming Sees Large Revenue Increase
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PartyGaming spent the better part of 2009 settling a disagreement with the US and acquiring other online gaming companies. On Wednesday, the company announced the fruits of those endeavors was a thirty-two percent increase in revenue for the fourth quarter.
Revenue was up to $132.2 million, and although it was a large increase, it was only slightly above expectations. The most significant figure to come out may have been the three percent rise in new customer sign-ups.
PartyGaming, the largest online gaming operator in the world, made headlines last year when they settled with the US for accepting customers from the country before the Unlawful Internet Gambling Enforcement Act was in place.
With that settlement out of the way, PartyGaming turned their attention to buying up some of the other online gaming companies during what was a large consolidation movement in the industry. Those acquisitions helped the company solidify its place on top of the Internet gambling world.
PartyGaming stock is currently the highest gaming stock being traded on the London Stock Exchange. At the close of the day Wednesday, PartyGaming stock was at 285.10. Investors may be quick to jump on the stock after Wednesday’s revenue news, even at the high price.
In addition to the announcement of the revenue increase, PartyGaming also introduced their new Chief Operating Officer, Per Widerstrom. He will begin to attend to his duties on February 15th.
Online Gambling Executive Carruthers Gets Thirty-Three Months
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The fallout continued Friday for executives of what was one of the biggest online gambling operations in the US just a few years ago. David Carruthers, former Chief Executive Officer of Betonsports, became the latest company member to be sentenced to jail in the US.
Carruthers helped run an online gambling operation that brought in millions of dollars thanks to US customers. Sports betting was the operation, and it was touted by the company as legal in the US.
When the federal government found out about the operation, they quickly moved to shut it down. The company, which has since been bankrupt, had several of its member arrested and charged with various crimes including racketeering.
Founder Gary Kaplan pleaded guilty to his charges back in August of last year. he received fifty-one months in prison and was ordered to forfeit $43 million of his own money to the US.
Carruthers originally pleaded guilty in April of 2009, but then revised his plea in October after he saw the agreement that Kaplan had reached with prosecutors. Carruthers’ deal calls for him to serve thirty-three months in jail.
The US has been cracking down on what they believe to be violations of the country’s online gambling policies. In the middle of 2009, PartyGaming settled their legal dispute with the US, and positioned themselves for a possible return to the US market should the laws change.
Representative Barney Frank is leading a group of lawmakers who are seeking to overturn the Unlawful Internet Gambling Enforcement Act of 2006. Even if the law is overturned, sports betting would still be illegal online in the country.
Online Gambling Coming To Quebec In Poker And Sports Betting Form
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British Columbia and the four Atlantic provinces in Canada already offer online gambling. Now, Loto-Quebec is preparing to become the latest in Canada to offer Internet gambling to their clients.
The plan that was revealed has the online gambling beginning next summer. Clients would be allowed to bet on sports, and there also would be online poker for those who were interested.
There are certain law restrictions regarding the online gambling, but Loto-Quebec has already asked the Quebec government to amend these laws. They feel they have the safeguards in place that would promote responsible gaming.
Problem gambling has been a concern in many countries that have expanded their Internet gambling laws. Many of these companies have set up agencies that will deal with gamblers who have, or develop, an addiction. Helplines have been set up in some of these cases, and trained counselors are available in others.
Internet gambling is one of the fastest growing industries in the world. In the years from 2004 to 2009, online gambling has increased by 300 percent. Over the next few years it is expected to increase in even greater increments.
Lottery gambling has not been as high in recent years as it had been, and that has created a need for increased revenue. The online gambling operations would substantially increase the amount of revenue that Loto-Quebec currently takes in.