PartyBingo News 

Online gambling giant PartyGaming  has released its 2007 full year results which show a 68% drop in profits. Party Gaming, owner os Party Bingo, says its forced withdrawal from the US is the main cause of the drop in sales and profits.

PartyGaming Chief Executive Officer Mitch Gerber is to leave the company next year.

PartyGaming has diversified both geographically into new markets and technically into new products, such as Party Bingo, its online bingo site, and Party Gammon, its backgammon site. Analysts, however, are impressed with the way in which the company has managed to turn its businees around, given it huge reliance on the US market before the company pulled out. Market share across Europe and Asia is healthy, and they are well poised to continue to build on their success in the current market environment.