PartyGaming Profits Rise Against Odds

Popular online poker operator Partygaming has reported a rise in half-year profits, boosted by a demand for its offering of online poker games and casinos.

Partygaming's Operating profit climbed 67% to $319.3m (UK Pounds 169m) in the six months to June 30, as compared to the $190.8m it made a year earlier. Partygaming also said that Sales jumped 51% to $661.9m.

The growth comes in light of the issues surrounding online gambling in the US. However, Partygaming said that business outside of the US was growing quickly.

The numbers may help reassure investors who are very much concerned that gaming companies are being targeted by US authorities for prosecution as the legality of betting in the United Sates is questioned.

Shares in the group however plummeted to almost 10% following the new that the chairman of the rival gaming group Sportingbet was arrested in Texas while awaiting a flight to Costa Rica.

"Whilst regulatory uncertainties continue, the board remains confident about the group's full year prospects," said Partygaming boss Mitch Garber.

"The story remains the same - exponential growth in income but the shares overshadowed by the threat of the US regulatory position," said Richard Hunter of Hargreaves Lansdown Stockbrokers.

"Risky though the shares may be, there is no question that the company remains a cash generating machine," he added.

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