Optimism of gambling giant

Following encouraging results for the second-quarter, online gambling company PartyGaming are optimistic about its prospects for the coming year.

Shares in the company were up by 7.3 per cent this morning as its financial performance met its expectations. With shares at 33p, the company is valued at £1.3 billion ($2.6 billion).

"While the important fourth-quarter period lies ahead, the group remains confident about the prospects for the full year," PartyGaming said in a trading update.

PartyGaming are due to announce their results for the first-half of the year on August 29.

PartyGaming, which offers casinos, poker and bingo amongst its gambling services, is the largest online gambling company in the world. However, following the introduction of the Unlawful Internet Gambling Enforcement Act in the US last year, shares in the company were sent tumbling as it lost three-quarters of its customers as it withdrew from the US.

The company remain in discussions with US authorities relating to the legality of their operations in the US before they withdrew from the US market, hoping to eradicate the threat of any retrospective charges.

Editor, Jackpot.co.uk - 2007-07-02 11:39:01

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