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Canadian e-Payment Group Shows Poor Performance; Blames UIGEA |
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Monday, 12 November 2007 |
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The Canadian e-processor company, Optimal Group Inc. has blamed the Unlawful Internet Gambling Enforcement Act for its disappointing third quarterly performance. Optimal reported that the company only managed to bring in half the revenue that it had this time last year, and said that it did not foresee the situation improving in future financial reports.
In the third quarter of 2006, Optimal reported net earnings of $1.9-billion; whereas in its latest report, the company showed a net loss of $400,000. Revenues in the third quarter of this year were thus set at $27.6-million – a drastic drop from last year’s $53.3-million. Optimal’s FireOne Group stopped processing transactions originating from the United States after the UIGEA was signed into law last year and the company’s report – as well as those of other companies in the online gambling business – clearly shows the detrimental effects of this act. |
