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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.



Gambling News :

Live Dealer Now At Slotocash - Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.

Advantages of online slots over slot machines - The rise of online casinos means that players no longer have to leave their own house to play casino games.

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.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

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.

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