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GigaMedia Ltd not worried about Canadian UIGEA
The online gaming regulatory and licensing situation in Canada and the territory of Kahnawake is not a problem, according to a recent GigaMedia Ltd. statement.
Earlier this month the National Post in Canada reported that the federal government is considering enacting an online gambling ban similar to UIGEA in the U.S. This would affect the numerous gaming sites that are based in Quebec Mohawk territory. Currently the Kahnawake Gaming Commission hosts more than 450 domains for more than 60 gaming operators.
Shortly after the report a financial Web site suggested GigaMedia and its properties, including Everest Poker, would stand to take hit if Canada did outlaw online gaming.
The Taiwan-based online gaming giant responded by saying they do not expect a change in the current Canadian licensing system, and that the situation is "reliable and stable and the company has no concern over related business interruptions."
Furthermore, GigaMedia released its 2007 earnings information, showing the company made a record profit of $38.9 million - a 77% increase in revenue.
Everest Poker, based in Canada, recently announced it has secured a multiyear sponsorship deal with the World Series of Poker which will see the online poker room as the exclusive poker sponsor.
"We are looking at a great year in 2008, a combination of strong organic growth accelerated by major deals as the key sponsorship of the World Series of Poker driving growth in Europe," said GigaMedia CEO Arthur Wang in a statement.