PartyGaming first quarter revenues up 21%

30-04-2008

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.

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