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Partygaming predicts a good year

12/18/09 - The Gibraltar-based online gambling group Party Gaming plc issued a bullish trading update as the week closed, announcing that trading since the end of September 2009 has been solid.  While revenue is expected to be in line with the Board’s expectations, Clean EBITDA for the year to 31 December 2009 is expected to be slightly ahead of the Board’s expectations, the update revealed.
Whilst the timing and details of new regulations to be introduced in Italy and France in 2010 have yet to be clarified, the company believes these markets represent significant potential revenue opportunities for the group in the medium to long term, and Management says it plans to take full advantage of these opportunities through the launch of B2B services with strong local brands and through existing brands.
Chief executive officer Jim Ryan said: “As indicated at the time of our third quarter key performance indicators, our business has continued to perform well across the board during the fourth quarter with a return to net revenue growth across all four of our key product verticals. 
“Returning poker to growth has been a key focus for us.  We are pleased to see that the initiatives introduced throughout the year are now feeding through into both operational and financial performance, with increased player numbers and average net daily revenues versus the previous quarter, despite continued competition from illegal US-facing sites and the difficult macroeconomic climate.
"Our casino business has also continued to perform well on the back of new games launched on PartyCasino as well as higher jackpots, with the most recent Mega Gold jackpot paying out close to $5.0 million to the lucky winner earlier this month. 
“Bingo continues to show substantial growth on the back of the Cashcade acquisition in July 2009.  In sports betting, our gross win margin has benefited from a good run of sporting results and the introduction of improved risk management tools.
“Despite the challenges presented by the prevailing macroeconomic environment, we have not been distracted from the execution of our strategic plan.  With the prospect of a number of new and large regulated markets in front of us, an expanding portfolio of B2B customers and a return to growth in our core business, we remain confident about the Group’s prospects.”
The update includes an advisory that Party Gaming has entered into a GBP 35 million three year term loan through its UK subsidiary.  The loan will be used for general corporate purposes including mergers and acquisitions. The all-in cost of the loan is anticipated to be approximately 6 percent per annum based on current interest rates.

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Gambling News :

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

Novomatic has announced a legal action against Euro Games Technology - Online and land gambling equipment and games provider Novomatic has announced a legal action against Euro Games Technology Ltd., which it claims has unfairly created imitations of its slot games.

Starcraft ProLeague SHutting Down after 14 Years - Announcing the end of the road for the League, once pre-eminent in Asian eSports gaming, the Korean Esports Association blamed ethical scandals and competition for its decline in popularity.

Team Hot Launches - #teamhot The Philippines licensed and GGNetwork-powered online poker operator Natural8 has announced the appointment to its "Team Hot" professional player line-up of Asian poker aces Kitty Kuo, Xuan Liu and Dong Kim.

Netent Q3-2016 Earnings Report - #netent The UK continues to be an important growth driver but the weaker pound had an estimated negative effect of about three percentage points on revenue growth compared to the same quarter last year.

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