PartyGaming Announce Strong Revenue Results For Fourth Quarter

Online gambling giant PartyGaming has announced that its Q4 revenue has risen by 32% over the same period in 2008 to reach $132.2 million.
The Gibraltar-based company has benefited from several acquisitions in 2009, including that of the bingo and casino operator Cashcade Ltd and World Poker Tour, which accounted for 20% of the increased revenue figures. The remaining 12% surge in revenue came mostly from solid results in its casino and sports betting arms.
PartyGaming’s four key products are casino, bingo, sport betting and poker, and the company has now declared a return to growth in all of these product areas with fourth quarter sign-ups by new players reaching 213,000, representing an increase of 3%.
PartyPoker, the company’s poker operation has had to battle fierce competition from rivals and reacted by making its bonus offers and loyalty program more attractive, which came at a cost of 23% of its poker revenue.
After its success with launching an Italian online poker service with domestic company Fueps, PartyPoker has also indicated that further expansion of its poker operation is also on the cards and are hoping to get a foothold in countries, such as France and Denmark, which are due to relax their domestic gambling laws in 2011.
Chief executive Jim Ryan commented; “Whilst the regulatory picture in some countries remains uncertain, the momentum towards creating commercially viable and regulated markets is strong…With some of the world’s largest gaming sites in poker, casino and bingo, and opportunities to further consolidate the online gaming sector, we are confident about our future prospects”
Partygaming’s Q4 results were well received by the market and in early trading today its shares had risen 3.58% or 10.2p to 295.10. The past three months alone has seen the company’s share price increase by nearly 30%.