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ONLINE CASINO PERFORMANCE BOOSTS PARTY GAMING RESULTS
Gibraltar-based online casino gambling group Party Gaming reported its 2008 Quarter 1 results this week, showcasing a stellar performance by the online casino division that contributed significantly to the overall growth in revenues of 21 percent.
Group revenue lifted to $128.9 million in the first three months of 2008, up from $106.2 million in 2007 and 6 percent higher than the previous quarter, mainly due to a 45 percent year-on-year revenue growth to $43.5 million at casino operations.
Poker revenue rose 13 percent to $80.7 million, while sports betting revenue was 4 percent better at $4.7 million, however total average gross daily revenue fell 1 percent in the 4 weeks ended 28 April to $1.75 million. A company statement said this reflects the start of the seasonally quiet period of the year, which has seen slightly weaker poker returns, but a better than expected casino business.
"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," said CEO Mitch Garber. "Over the next few months we will open our licensed Italian business, introduce a number of new branded online slot machines, and launch a completely new product vertical."
"We remain confident about the group's prospects for the full year," he added.
London analysts did not appear to fully share the optimism. Arbuthnot analyst Paul Leyland said: "They are down in absolute terms in the beginning of the second quarter, which means that their full-year revenue is going to look like a bit of a struggle." Numis analyst Richard Carter said Party's trading update was "slightly disappointing" overall, but he reiterated his company's "buy" recommendation for the stock.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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