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Poker.co.uk - Poker News Archive
Thursday 10th July 2008 PartyGaming Revenues Fall
Gibraltar-based online gambling provider PartyGaming has announced that gross revenues have fallen slightly since the end of April due to ‘seasonality’ and the competition for players’ leisure time during the Euro 2008 football tournament.
The firm, which operates the PartyPoker.com and Party-Casino.com, revealed that its casino arm continued to perform well while its PartyBingo.com site was ‘gaining traction’ thanks to the recent launch of ITV's interactive Bingo Night Live.
PartyGaming saw the number of active players using its casino and poker websites pass the one million mark last year and stated that the performance of its online casino had been helped by this increase and cross selling from poker. In addition the firm revealed that two new branded slot machines, Mission: Impossible and Saturday Night Fever, had proved popular since their launch in May.
“In poker, despite making the new loyalty scheme more generous to our VIPs, the cost of PartyPoints had been reduced to previous levels by the end of the second quarter with the full benefit expected to be realised in the second half of the year,” read a statement from PartyGaming.
“However, strong competition, particularly from poker sites that continue to accept US players, has led to an increase in bonuses and costs associated with some of our poker tournaments in the period.
“In sportsbetting, Euro 2008 saw a marked increase in betting volume but a poor run of results at the start of the tournament impacted the gross win margin.”
The company also reported a one-off charge of four million dollars associated with replacing Chief Executive Mitch Garber. He held a 0.2 percent stake in PartyGaming and had been with the firm for more than two years. Jim Ryan, the former head of Internet gaming service firm St Minver, has since replaced Garber.
Source: OnlineCasinoNews
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