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Party Poker CEO Garber expects full-year profits over USD$140 million

by PokerPages.com
Tue, Feb 13th, 2007 @ 12:00am

PartyGaming CEO Mitch Garber optimistically said he expected to report full-year profits for 2006 of over USD$140 million (GBP71.9 million pounds or 108 million Euros). PartyGaming owns Party Poker.

Garber made his comments at the Gala Casino in Gibraltar last Thursday.

PartyGaming profits were hit hard when the United States tried to block access to online gaming for US players by making it illegal for financial institutions to handle online gambling transactions from US players with the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) 13 October 2006.

To see the impact, PartyGaming's 2005 net profits were over double those expected for 2006, at USD$293 million (GBP 150.6 million pounds or 226 million Euros).

The PartyGaming group has since been energetically developing alternative markets.

Garber said he hoped to expand the company's international presence with deals in Russia and Asian countries like China.

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