| UIGEA Still Wreaking Havoc |
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E-processor, Optimal Group Inc has announced that revenues for the third quarter of the year were down by almost half and warned that the passage of America’s Unlawful Internet Gambling Enforcement Act (UIGEA) would continue to adversely affect its business. The Canadian company revealed that revenues for the third quarter of this year were $27.6 million compared to $53.3 million for the pre-UIGEA third quarter with its adjusted earnings also down from $14.2 million to $3.2 million. The Montreal-based firm stated that net loss in the third quarter was $400,000 compared to net earnings of $1.9 million in the third quarter of last year. Following the enactment of UIGEA in October of last year, Optimal's then majority-owned subsidiary, FireOne Group, ceased to process settlement transactions originating from United States consumers and the company warned that the passage of the Act had and will continue to have a significant negative impact on its financial results. |
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