PartyGaming Beats Forecasts
31st January
Online gambling company PartyGaming – Party Poker parent company – announced a 52% increase in revenues for Q4 2007 to $120m (£60m) compared with the same quarter in the previous year slightly ahead of industry expectations.
Casino sales rose 15% on the previous quarter and 156% on the same quarter last year, to £42.3m, while the fledgling sports betting business grew 50 per cent year-on-year to $5.1m. In sports betting the amount bet per day increased by 9% but gross win per day fell by 6% to $71,100 per day after a fall in the gross win margin to 5.2%.
In poker, new player sign-ups averaged 1,341 per day and there were on average 66,760 active players per day generating revenue of $1.02m, a 5% increase over the fourth quarter.
“We continue to build on the four pillars of our strategy: growing the player base, localising the customer offer and broadening the product base whilst acting responsibly and this strategy continues to deliver strong financial results,” said chief executive Mitch Garber.
“These results show that we have built a solid platform for growth in the post-UIGEA world and we remain confident about the group's future prospects,” he added.
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