Party Gaming Revenue Up 28% in Second QuarterBy: Ryan Alders, Thursday July 8th 2010
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The London-listed online gaming company, Party Gaming, released a trading update on Tuesday that revealed that its revenue in the second quarter of this year is expected to be around 28 percent higher than during the same period last year.
The increases in the second quarter have been attributed to growth in its online casino sector, as well as its purchase of the World Poker Tour and Cashcade. Despite this growth, total revenue is expected to be lower than during the first quarter by about 2 percent, due to a nine percent drop in online poker activity. Unexpected outcomes of the 2010 FIFA World Cup seem to have had a larger adverse affect on other areas of the organization than they had previously expected. Online casino revenues grew compared to the previous quarter, while online bingo and sports betting revenue remained steady.
The trading update stated: "poker has been particularly tough with the number of daily average players expected to fall by between eight percent and nine percent versus the first quarter, coupled with lower yields due to reduced frequency of play on the back of both seasonality and the World Cup. As a result, we expect poker revenue in Euros to be down between 11 percent and 13 percent quarter-on-quarter."
The update reports that management is very excited by the performance to date of the partypoker.fr website which was launched in July 2010 as one of the first operators to enter the newly regulated market in France. On the other hand, the update reported that the new licensing regime in Italy that would allow cash game poker has been delayed and is not expected to come to pass until the fourth quarter.
Jim Ryan, CEO of Party Gaming stated: "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. 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." Ryan discussed the progress they have made in securing partners for their poker network in France, as well as the performance of the World Poker Tour.
He continued: "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."
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