PartyGaming Q4 Results Driven Forward By Poker Growth

Ahead of its Q4 results due out on the 3rd February 2010, PartyGaming has announced it expects its full year earnings to be ahead of expectations, aided by an all round solid trading performance by the company. PartyGaming CEO Jim Ryan, commenting on the company’s performance, said:
“As indicated at the time of our third quarter key performance indicators, our business has continued to perform well across the board during the fourth quarter with a return to net revenue growth across all four of our key product verticals.”
PartyGaming’s four key products are casino, bingo, sport betting and poker. Its casino business benefited from new games offered by PartyCasino, as well as the $5 million jackpot won by one of its lucky customers recently, which helped attract more custom. CEO Jim Ryan continued:
“Bingo continues to show substantial growth on the back of the Cashcade acquisition in July 2009.  In sports betting, our gross win margin has benefited from a good run of sporting results and the introduction of improved risk management tools.”
However, CEO Jim Ryan  reserved particularly praise for the company’s improved poker performance and said:
“Returning poker to growth has been a key focus for us.  We are pleased to see that the initiatives introduced throughout the year are now feeding through into both operational and financial performance with increased player numbers and average net daily revenues versus the previous quarter, despite continued competition from illegal US-facing sites and the difficult macroeconomic climate.”
Going forward, the company said it is remains confident about its future prospects, and is hoping to benefit from “significant revenue opportunities” which will arise from regulation changes in the French, Italian and possibly the US online market.
PartyGaming shares remained largely unchanged following the announcement, and are currently trading at 256.20 on the LSE.