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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.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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