PartyGaming first quarter revenues up 21%


PartyGaming first quarter revenues up 21%
Online gaming group PartyGaming has reported a 21 per cent increase in group revenues to $128.9 million (£65.3 million) for the first quarter.

The company, which runs PartyPoker and PartyBets websites, said the results were driven by strong sales in its casino unit.

Poker revenue was up 13 per cent to $80.7 million (£40.9 million) and sports betting revenue up four per cent to $4.7 million (£2.4 million), while casino revenue rose 45 per cent to $43.5 million (£22 million).

Looking forward, the company said a new loyalty scheme launched yesterday should help revenues while a new sports betting venture in Italy ahead of the Euro 2008 cup this summer will boost betting volumes.

Chief executive Mitch Garber, who last month revealed he would soon be leaving, said: "As we enter the seasonally quiet period of the year, the business is performing well and there are a number of exciting developments in prospect.

"The regulatory environment in Europe appears to be improving and the search for my successor is progressing and advancing positively.

"We remain confident about the group's prospects for the full year."

In a conference call with reporters, Mr Garber also said he was "hopeful" of reaching a resolution with the US department of justice over the possibility of legal action against the company.

The US government last year effectively banned gambling websites in the country, and the potential action relates to the company's activities before the legislation was passed.

Bookmark with:
Bookmark with: Digg Digg Bookmark with: Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
HR / Recruitment
Health / Beauty
Hotel / Catering / Restaurants
IT / Internet
Insurance / Pensions
International / Overseas
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Transport / Logistics
Travel / Tourism / Leisure