Party Gaming's growth boosts first quarter


But weak performance again in the competitive field of online poker

Online gambling group Party Gaming plc has reported a 27 percent rise in first-quarter revenue that is mainly attributable to strong growth from internet casino, bingo and sports betting services.

Online poker revenues continue to disappoint, however, depressed by competition from major websites like Pokerstars and Full Tilt Poker, which continue to take bets from United States-based gamblers.

Group revenue increased to $127.1 million in the first quarter of 2010, with casino revenue up by 25 percent to $51.2 million, and online poker revenue falling to $47.8 million from $53.6 million in the same quarter the previous year.

First quarter highlights included:

* Group revenue up 27 percent to $127.1 million (2009: $100.1 million);

* Average daily revenue down 2 percent versus the previous quarter due to an exceptional casino performance in Q4.

* Poker revenue of $47.8 million (2009: $53.6 million);

* Casino revenue up 25 percent to $51.2 million (2009: $40.9 million);

* Average daily casino revenue down 9 percent versus the previous quarter due to an exceptional casino performance in Q4 and foreign exchange considerations.

* Bingo revenue of $17.7 million (2009: $1.0 million);

* Average daily bingo revenue up 4 percent versus the previous quarter driven by higher player numbers, partially offset by adverse foreign exchange circumstances.

* Sports betting revenue of $7.1 million (2009: $4.5 million);

* Average daily sports betting revenue up 1 percent versus the previous quarter due to further improvement in gross win margin

Jim Ryan, Chief Executive Officer, said: “Total revenue was up by 27 percent year-on-year with strong increases in all product verticals except poker, which fell due to competition from US-facing sites.

“On a quarter-on-quarter basis and as expected, we have seen a slight softening in average daily revenue overall following the exceptional casino performance in the previous quarter. While clean EBITDA margins for the year to-date were ahead of our expectations in the first quarter of 2010, we are maintaining our previous full year guidance for 2010 clean EBITDA margins of approximately 28 percent.

“In line with our expectations, since the end of March gross average daily revenues have softened and were down between 6 percent and 7 percent versus the average for the previous quarter, reflecting the normal seasonal pattern seen in previous years.”

General Gambling News

Login to post a comment:


 
 

Click Here to register a new account

What's going on right now!

4mins ago someone from United States played High 5

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

Casino Of The Month

Casino of the Month

In the last 24h

Totals

  • New Members
    27
  • Members Online
    406
  • Guests
    1,636
Highest Community Rated Online Casinos
SlotsMillion
  (98 Ratings)
32 Red Casino
  (363 Ratings)
Guts Casino
  (205 Ratings)
Club USA Casino
  (293 Ratings)
Mr Green Casino
  (313 Ratings)
Buzzluck Casino
  (183 Ratings)
Lucky Red Casino
  (232 Ratings)
Videoslots.com
  (176 Ratings)
BETAT Casino
  (216 Ratings)
NextCasino
  (173 Ratings)
Bet365 Games
  (190 Ratings)
Unibet Casino
  (165 Ratings)
Betsson Casino
  (238 Ratings)
CasinoLuck
  (246 Ratings)
Betsafe Casino
  (214 Ratings)
Redbet Casino
  (174 Ratings)
ComeOn Casino
  (281 Ratings)
Spin Palace Casino
  (129 Ratings)
Casino Extreme
  (183 Ratings)
Slotty Vegas
  (127 Ratings)
Intertops Red Casino
  (139 Ratings)
Vera John Casino
  (199 Ratings)
Thrills Casino
  (159 Ratings)
Slotland
  (343 Ratings)
Sin City Casino
  (112 Ratings)
Sunnyplayer Casino
  (43 Ratings)
Ladbrokes Casino
  (167 Ratings)
Liberty Slots Casino
  (214 Ratings)
Hello Casino
  (92 Ratings)
Winner Casino
  (364 Ratings)


Follow LCB on Facebook Follow LCB on Twitter Follow LCB on Pinterest Follow LCB on Google plus