Garber told the assembled crowd that PartyGaming was expecting profits of over $140 million, despite having pulled out of the US market, which accounted for over 50 percent of its customer base.
Although that figure is significantly less than the $293 million net profit PartyGaming reported for 2005, it must be seen in the context of the post-UIGEA gambling world. Since the anti-gambling bill was passed into law PartyGaming has been actively consolidating its non-US business by making numerous acquisitions, which will have significantly affected the company’s bottom line.
But with player numbers having risen by more than 50 percent since the post-UIGEA low, things are looking up for PartyGaming. And the good news has been reflected in the market, with PartyGaming’s share price rising roughly 6p over the last ten days, from 28.5p to 35p yesterday. The company estimates its real share value is closer to 50p.