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Partygaming Third Quarter Earnings Report

10/15/09 - The Gibraltar-based online gambling group Party Gaming plc has posted posiive third quarter 2009 results, boosted by the acquisition of Cashcade, with the following highlights:
 
* Total revenue of $112.7 million (2008: $117.7 million) up 11 percent versus Q2/09 despite the traditionally slow nature of Q3, due mainly to bingo revenues from recently acquired Cashcade; PartyPoker
 
* Online Poker revenue of $45.1 million (2008: $65.0 million) down 8 percent on Q2/09 with higher player numbers offset by lower yields;
 
* Online Casino revenue of $49.2 million (2008: $45.6m) up 2 percent versus Q2/09 due to higher player yields;
 
* Sports betting revenue of $4.2 million (2008: $5.1 million) up 31 percent versus Q2/09 with an improved gross win margin despite poor sporting results
 
* Online Bingo revenue of $13.8 million (2008: $2.0 million) driven by the Cashcade acquisition.
 
* 208 000 new player sign-ups, a 51 percent increase over the same period the previous year (2008: 137 600), following the launch of new marketing campaigns for both PartyPoker and PartyCasino under the “FEEL IT” tag-line. The number of consolidated active player days and unique active players grew by 24 percent and 35 percent respectively versus 2008 helped by the acquisition of Cashcade.
 
Management revealed that the group has made a strong start in Q4/09 and the Board is confident on the it’s full year prospects.
 
Commenting on the third quarter KPIs, Jim Ryan, Chief Executive Officer, said:
 
“Our performance in the seasonally weak third quarter was in line with our expectations, with revenue up 11 percent versus the previous quarter. 
 
"Casino once again delivered a robust performance with solid growth in player yields.  We have increased the gross win margin in sports betting and remain focused on operational improvements to enhance the quality of our product and risk management tools. 
 
"Poker remains challenging from a competitive standpoint, but we are encouraged by the increased player traffic during September and into October on the back of our new retention initiatives such as the enhanced loyalty programme, improved VIP offer and automated reactivation campaigns. 
 
"Finally, the addition of Cashcade transformed our presence in the $1.5 billion online bingo market and was the driver behind the substantial increase in our bingo revenue.
 
“Our strategy is to drive both our B2C and B2B offerings and become a top three player in all of our product verticals.  Having launched sites on behalf of four new customers in the quarter, our B2B strategy is progressing well.  The important fourth quarter has started strongly, as expected, and we remain confident about the full year outlook.”

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Gambling News :

US$30M DUBAI WORLD CUP - Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

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