The Swiss broker reiterated its “reduce” advice on the online poker company noting that as PartyGaming generates more than three quarters of its income from the United States, the halt to US customers will have a massive impact on its long term prospects. In other news, Mitch Garber, Chief Executive of PartyGaming, seemed unworried when he told the Financial Times that his firm was interested in buying companies impacted by the new US legislation.
Elsewhere, Absolute Poker announced that its core US-facing online poker business remains unaffected in spite of the recent passage of legislation in the US aimed at making American customers ability to transact with gaming websites more difficult.
“It is the belief of our legal and executive team that online poker is a game of skill and the prohibitions signed into law on Friday Oct. 13, 2006 by the President of the United States neither apply to online poker nor our business,” the company said in a press release.
Absolute Poker also said it was working with its existing payment processors to ensure that all customers funds are safe and secure.
“Indications are that many of our payment providers will be unaffected by this law and their business will also be able to operate uninterrupted and unimpeded.”
“We are confident that our business, and that of our partners and suppliers, will be unaffected because while the U.S. Congress\’ efforts potentially could block transactions conducted within the U.S. banking system, many of our payment providers transactions are done within the framework of the international banking system, which the U.S. Congress has no control over,” the online poker site concluded.
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