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ONLINE CASINO GROWTH BOOSTS PARTY GAMING’S FIRST QUARTER
5/6/10 - Online gambling group Party Gaming plc has reported a 27 percent rise in first-quarter revenue that is mainly attributable to strong growth from internet casino, bingo and sports betting services.
Online poker revenues continue to disappoint, however, depressed by competition from major websites like Pokerstars and Full Tilt Poker, which continue to take bets from United States-based gamblers.
Group revenue increased to $127.1 million in the first quarter of 2010, with casino revenue up by 25 percent to $51.2 million, and online poker revenue falling to $47.8 million from $53.6 million in the same quarter the previous year.
First quarter highlights included:
* Group revenue up 27 percent to $127.1 million (2009: $100.1 million);
* Average daily revenue down 2 percent versus the previous quarter due to an exceptional casino performance in Q4.
* Poker revenue of $47.8 million (2009: $53.6 million);
* Casino revenue up 25 percent to $51.2 million (2009: $40.9 million);
* Average daily casino revenue down 9 percent versus the previous quarter due to an exceptional casino performance in Q4 and foreign exchange considerations.
* Bingo revenue of $17.7 million (2009: $1.0 million);
* Average daily bingo revenue up 4 percent versus the previous quarter driven by higher player numbers, partially offset by adverse foreign exchange circumstances.
* Sports betting revenue of $7.1 million (2009: $4.5 million);
* Average daily sports betting revenue up 1 percent versus the previous quarter due to further improvement in gross win margin
Jim Ryan, Chief Executive Officer, said: “Total revenue was up by 27 percent year-on-year with strong increases in all product verticals except poker, which fell due to competition from US-facing sites.
“On a quarter-on-quarter basis and as expected, we have seen a slight softening in average daily revenue overall following the exceptional casino performance in the previous quarter. While clean EBITDA margins for the year to-date were ahead of our expectations in the first quarter of 2010, we are maintaining our previous full year guidance for 2010 clean EBITDA margins of approximately 28 percent.
“In line with our expectations, since the end of March gross average daily revenues have softened and were down between 6 percent and 7 percent versus the average for the previous quarter, reflecting the normal seasonal pattern seen in previous years.”
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NBA : Warriors Win the West; NBA Finals Next -
The Golden State Warriors will play in their third-straight NBA Finals. They completed their sweep of the San Antonio Spurs Monday night, rolling to a 129-115 victory as 12-point road favourites; Golden State opened the season as a –250 chalk to win the Western Conference.
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NHL Odds: Lone Canadian Team Plays on Friday -
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NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
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PKR Company Statement Update -
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Microgaming Wins The Spark Award 2017 -
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NHL Predators First Ever Conference Finals Appearance -
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