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UIGEA Hits Online Poker Industry Hard |
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Thursday, 06 December 2007 |
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Party Gaming, in its interim financial reports, showed a sharp drop from market capitalization valued at $12-billion last year, to a dismal $2.5-billion. These figures reflect the sad fate of the online poker industry in the United States, despite the fact that industry experts are reporting that business is slowly picking up for these sites in a post-UIGEA era. Interest groups are doing their best to ensure that poker becomes recognized as a skills-based game and are pressuring Congress to make significant changes to what many see as archaic anti-gambling laws. This year’s World Series of Poker event also showcased just how hard hit the poker industry is. The pre-UIGEA tournament in 2006 drew a record-breaking 9000 participants and prior years saw event winners reaching god-like status among poker players from around the globe. Unfortunately, this year’s WSOP event didn’t even manage to pull in 7000 participants, leaving the tournament falling flat, much to the disappointment of players and sponsors.
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