PartyGaming announced Thursday that daily revenues from its online poker room, the formerly top-dog Party Poker, have ticked up a notch since the UIGEA was signed into law in mid-October.
After making the decision to disallow all U.S. customers from playing on its site, Party Poker saw its membership obliterated to the point where it removed the player counter from its software. What used to be the largest poker room on the internet had become just another player. At its lowest, daily revenues stood at $637,000. Now, says Party Poker, they are up to $721,000, still well below what they used to be.
In addition to losing over half of its customer base as a direct result of the banning of Americans, high-volume (and thus, high revenue) customers also left in droves, as the games they wanted to play had dried up. Helping slow the bleeding has been over 1,400 new player signups per day, on average. So, it sounds like Party Poker believes that quantity is at least slightly helping to make up for a lack of quality.
The players are not the only ones who have left Party Poker. As a result of the loss of customers, Party Poker laid off 945 employees, accounting for 41 percent of its workforce.
Party Poker’s revenue makes up approximately 70 percent PartyGaming’s total daily revenue, excluding sports betting.