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PartyGaming 2008 Results
Party Gaming plc may have started out as a primarily online poker destination, but the performance of this sector of its wider group activities was disappointing last year, judged by the 2008 full year financials released this week. Poker net revenues declined by $21 million to $274 million (2007: $295 million).
Elsewhere the outlook was rosier, with online casino net revenues up $31,8 million to $176 million; the more recent sportsbetting venture up $1.9 million to $18 million and Bingo up $2.4 million to $4.9 million.
Total net revenues reached $472.9 million, down $3.1 million on the corresponding period in 2007 after a "non-recurring net revenue adjustment" of $18.2 million.
Other highlights included:
* Continuing Clean EBITDA up 29 percent to $144.2 million (2007: $111.7 million); total Clean EBITDA up 53 percent to $133.3 million (2007: $87.0 million)
* The addition of DM plc and CIRSA to the Party Gaming portfolio of business-to-business (‘B2B’) customers
* Cashflow from operations before working capital movements up 23 percent to $132.5 million (2007: $107.6 million) with group cash after client liabilities and progressive prize pools of $70.3 milion.
Commenting on the results, Jim Ryan, PartyGaming Chief Executive Officer, said:
“We are pleased to announce another strong set of results with Clean EBITDA from Continuing operations up 29 percent to $144.2 million. Our business model is both flexible and robust with a capacity to generate strong cashflow. Our brands and market position are strong and we have a healthy balance sheet with which to execute our business strategy. I believe that we are in an excellent position, not just to withstand the macroeconomic challenges that may lie ahead, but also to execute our strategy, create value for all of our stakeholders and achieve our long-term objective of becoming the world’s most valuable online gaming company.”
Regarding current trading he added:
“In the 5 weeks ended 4 February 2009, average gross daily revenue was $1 442 900. In poker, new player sign-ups increased to an average of 1 494 per day, and there were on average 51 000 active players per day generating average gross daily poker revenue of $756 700. In casino, gross revenue was $597 200 per day. In sports betting gross win per day was $75 700 and in bingo, average gross daily revenue was $13 200.
In the 4 weeks ended 4 March 2009, average gross daily revenue was $1 536 200. In poker, new player sign-ups averaged 1 550 per day and there were on average 51 100 active players per day, generating average gross daily revenue of $738 500. In casino, average gross daily revenue was $662 500, in sports betting, average gross win per day was $123 000 while in bingo it was $12 200.
“The Group has continued to make good progress in the first few weeks of 2009 despite the pressures of a highly competitive market and substantial year-on-year currency movements.”
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Gambling News :
Wanajump Launches -
#Wanajump Spanish online and land gambling operator Grupo R. Franco appears to be emulating the William Hill group, announcing this week that it is to begin a start-up accelerator program for innovative entrepreneurs, which it has titled Wanajump.
Coral Launches player proposition betting product -
Digital Sports Tech, a business-to-business software provider of sports betting solutions, has signed a deal with UK online and land sports betting operator Coral to provide an innovative player proposition betting product.
Oshi online casino now accepts fiat currencies -
The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.
New Standards for UK Online Gambling -
Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.
Pennsylvania Gambling Bill 1887 returned with additions -
The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.
Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
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