PartyGaming Shows Even Growth

Published Tuesday, July 06, 2010 -

Due to strong growth with the acquisitions of Cashcade and the World Poker Tour along with its online casino division, revenues of the London-listed online wagering giant PartyGaming will be up 28 percent. This is compared to the same period in 2009. However total overall revenue is expected to be down but by only 2 percent. This includes a 9 percent decline in online poker and unanticipated results during the FIFA World Cup which had an unfavourable impact on other aspects of the business.
It has been particularly tough for poker revenue owing to a decrease in the number of daily average players as expected falling, due to seasonality and the World Cup. Management said, “As a result, we expect poker revenue in Euros to be down between 11 percent and 13 percent quarter-on-quarter." In Italy, the new licensing regime that would permit cash game poker has been delayed and is now not expected to occur until the fourth quarter of 2010.
“We are pleased with the relatively robust performance of our business compared to many other consumer facing businesses in what remains a challenging economic environment,” said Jim Ryan, Party Gaming CEO. “Overall the Group has performed in-line with expectations even though the adverse impact of the World Cup on our non-sports betting verticals was slightly greater than expected.” It is worth noting that during this time, Online bingo and other sports betting business remains steady.
“Whilst progress on consolidating the online gaming industry has been slower than expected, we remain committed to playing an active role and are continuing to pursue opportunities with a number of parties. We have made great progress in securing partners for our poker network in France with PMU, AB Groupe and Aviation Club de France already in place. We expect to add another significant partner to our French network in the near future. The early signs from this important new market are encouraging,” he added.



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