New markets mean bright future at PartyGaming

07-09-2006

PartyGaming saw revenues for the first six months of the year rise sharply on the back of successful forays into new markets.

The online gambling giant, which operates sites including PartyPoker.com, PartyCasino.com and PartyGammon.com, said revenue was up 51 per cent at $661.9 million (£350 million).

Perhaps more significantly, growth outside the US market increase by a massive 151 per cent.

While the US continues to provide the lion's share of PartyGaming's profits, the company has ambitious plans for emerging markets and expects to see strong growth in these areas in the second half of the year.

"These results demonstrate... the potential to grow our business through investment in the development of new products and new territories outside North America," said chief executive Mitch Garber.

"The recent additions of backgammon and an exclusively non-US facing sports book should add momentum to our expanding international revenue base, assisted by the forthcoming launch of multi-lingual versions of our games and marketing initiatives in a number of new territories."

Internet gambling has enjoyed phenomenal success in the last five years as the spread of broadband connectivity encourages web users to work and play online.

The industry is however facing regulatory pressure, especially in the US, because of concerns about underage gambling and gambling addiction.

PartyGaming said it would continue to monitor the situation, but did not expect new legislation to hit its full year profits.


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