PartyGaming Revenue Soars By 9% In Q3 2010

PartyGaming has just released their Q3 financial results, which show a 9% rise in the online gaming group’s revenue to €85.3 million ($118.57 million) from €78.3 million a year earlier.
In an encouraging three months ended 30th September, PartyGaming saw a rise across all sectors of its casino, bingo and sports betting operations, with the only exception being poker which declined by 5% to €29.6 million.
In total, PartyCasino revenue rose by 2% to €34.9 million, PartyBingo was up 36% to €13.1 million, while Sports Betting revenue soared by 86% to €5.4 million.
Commenting on the latest results, CEO Jim Ryan said:
“Total revenue was up by 9% year-on-year with growth in all products except poker, despite the impact of having closed our French casino business at the end of June 2010. Excluding French casino, total revenue would have been up by 12% year-on-year, driven by casino growth in other markets, acquisitions and a strong performance in sports betting.”
“Since the end of September we have begun to see the normal seasonal pick-up, in-line with the Board’s expectations and we remain confident about the full year outlook.”
The Q3 results will all come as welcome news to investors, who have seen PartyGaming shares range from 339.70 to 205.80 over a 52 week period, and are currently trading at 268.60.
The good news for investors is also set to continue after Jim Ryan added that the company’s proposed merger with bwin was on schedule and should be completed by Q1 of 2011.
In the meantime, bwin announced a 15.8% growth in its Q3 net revenue to €95.3 million from €83.3 million a year earlier.

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