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Partygaming 4th Quarter Results
2/3/10 - Online gambling group Party Gaming plc has reported a significant 32 percent rise in fourth quarter sales – a hopeful sign that punters are back enjoying a wager after a hard year.
Sales rose to $132.2 million in the three months to December 31 from $100.4 million in the same period in 2008, helped by two acquisitions and a particularly strong performance in its online casino division.
Finance director Martin Weigold told reporters that casino revenue was boosted by a customer who won $5 million in one of the group's large jackpots and recycled $2 million of that win back into Party Gaming's casino website.
Weigold said the company expects to report double digit sales and profit growth in the year ahead.
The bullish outlook for 2010 sits comfortably with the group's 2009 earnings, which it expects to be ahead of its own board forecasts.
Weigold said market consensus is for EBITDA of $132 million in 2010, and Party Gaming expects to outperform this.
Alongside its Internet casino improvements, the gambling group reversed an 18-month trend of quarter-on-quarter revenue declines for its online poker division, posting a 9 percent rise in sales to $49.1 million.
The company’s poker operations had been under pressure due to stiff competition from rivals, and the company has reacted by increasing the bonuses paid and expanding its loyalty program to retain players.
It already has a growing presence in Italy, and with France and denmark due to formalize regulation this year and next, the company is confident of its future growth prospects.
Party’s chief executive, Jim Ryan, told reporters the company was in "active discussions" with a number of parties, fuelling speculation that a major deal could be on the cards in 2010. Bwin has been repeatedly mentioned by analysts as the partner of choice.
The gambling group said that it is pursuing more business-to-business and government deals after reaching an agreement earlier in January to provide on online gaming platform for the operator of the Danish national lottery.
The company also announced the appointment of Per Widerstrom, previously CEO of the French online gambling group Mangas Gaming. Widerstrom is take up responsibilities with Party Gaming as group chief operating officer, a newly created post which effectively frees up CEO Ryan to focus on M&A and new business opportunities.
Gambling News :
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Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.
Pro League Reveals Sportradar Contract Details -
The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.
NFL Odds: Steelers Visit Undefeated Chiefs #TNF -
The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.
Mega Moolah strikes again -
The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.
2 New Slots For Microgaming Casinos -
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The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.
MLB Odds: Yankees Favored in AL Wild Card Game -
After a strong regular season, the New York Yankees (91-71, –1.00 betting units) opened as –235 home favourites for Tuesday’s AL Wild Card Game against the Minnesota Twins (85-77, +11.48 units). First pitch is at 8 PM ET on ESPN.
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