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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. 

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Gambling News :

More Computers Smashed in Online Gambling Raids - More computers seized in police online gambling raids were trashed Monday when the Serdang police destroyed 1,312 machines to keep them out of circulation.

2017 Aussie Millions Event 1 - The Melbourne-based player bested a field of 1,565 entries - 245 up on last year's equivalent - to end up in the heads up with New Zealnad's Qiang Fu, but not before both he and Qiang had narrowly escaped at the four-handed stage when they were the low stacks.

Swiss Reject idea to Block Gambling Websites - The Legal Affairs Committee of the Swiss National Council has nixed new regulations which would have blocked access to online gambling sites in Switzerland, according to local media reports Tuesday.

Growth Ahead For Online Gambling - Transparency Market Research has issued a teaser on its latest international online gambling and betting survey, forecasting that the industry will grow at a Compound Annual Growth Rate (CAGR) of 10.8 percent by 2024.

New Qubit software For SkyBetting - #qubit Sky Betting & Gaming aims to top its record 50 percent revenue growth last year with new player differentiation software and expertise provided by the Qubit company.

Slotfather II Slot Launching - #betsoft The first is a sequel to the popular gangster-themed online slot Slotfather, unsurprisingly titled Slotfather II, whilst the other is a new 243 ways-to-win game titled Fa Fa Twins..

Massachusetts Online Lottery Bill - Flanagan's confidence was clearly boosted by the bill's success in the Senate last year, although it was not developed by the House and ran out of time.

Italy Doing Well With Online Sports betting - The latest numbers from the Italian regulator show that online sports betting remains king when it comes to internet gambling in the market, generating Euro 391.8 million in turnover in December 2016.

Michigan To Reintroduce Online Gambling Bill - #Michigan state Sen. Mike Kowell's staff have confirmed that the senator plans to reintroduce his online gambling legalization bill, which failed to make it through the last legislative season.

MGM Buys DC office building For lobbying team - #MGM Resorts International has bought a new Washington, D.C., office building for its in-house lobbying team, led by former chief counsel to the now retired Nevada Sen. Harry Reid, Ayesha Khanna.

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