UIGEA Strikes Again... At Optimal Group
Published: Wednesday, November 07, 2007 Online-Casinos.com
UIGEA STRIKES AGAIN
Optimal Group's Q3 earnings hit by US financial restrictions
The Q3 results from e-processor Optimal Group again illustrate the adverse impact on financial companies which the US Unlawful Internet Gambling Enforcement Act has had.
Revenues for the third quarter ended September 30, 2007 were $27.6 million compared to $53.3 million for the pre-UIGEA third quarter ended September 30, 2006.
Adjusted earnings for the third quarter were $3.2 million or $0.13 per share compared to $14.2 million or $0.56 per diluted share for the comparable period in 2006.
Net loss in the third quarter ended September 30, 2007 was $0.4 million or $0.02 per share compared to net earnings of $1.9 million or $0.08 per diluted share in the third quarter ended September 30, 2006.
Immediately following the enactment of the Unlawful Internet Gambling Enforcement Act of 2006 on October 13, 2006, Optimal's then majority-owned subsidiary, FireOne Group plc (now known as Optimal Payments (Ireland) Limited), ceased to process settlement transactions originating from United States consumers.
The company warns that the passage of the Act had and will continue to have for at least the short term, a significant negative impact on the financial results of Optimal Payments.
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