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PartyGaming 1st Quarter Revenue Drop

PartyGaming plc delivered a disappointing quarterly result this week, revealing that the significant strengthening of the US dollar and competitive pressures in its core poker division were the primary factors behind a drop in quarterly revenues.
 
First Quarter Key Performance Indicators included:
 
* Group revenue of $100.1 million (2008: $128.9m); average daily revenue up 2 percent versus the previous quarter due to growth in casino and sports betting
 
* Poker revenue of $53.6 million (2008: $80.7m); average daily poker revenue down 1 percent versus the previous quarter due to foreign exchange movements and competitive pressures from US-facing sites. PartyPoker
 
* Casino revenue  of $40.9 million (2008: $42.3m); average daily casino revenue up 5 percent versus the previous quarter due to growth in both bet volume and hold
 
* Sports Betting revenue of $4.5 million (2008: $4.7m); average daily sports betting revenue up 19 percent versus the previous quarter due to growth in both bet volume and gross win margin
 
* Bingo revenue1 of $1.0 million (2008: $1.2m); average daily bingo revenue down 27 percent versus the previous quarter primarily due to the conclusion of Bingo Night Live in Q4 2008
 
* Clean EBITDA margins remain in-line with full year 2008 performance
 
* B2B strategy well on track with agreements signed with CIRSA, DM Plc and INTRALOT
 
* Non-Prosecution Agreement concluded with United States Attorney’s Office for the Southern District of New York (‘USAO’)
 
Commenting, Jim Ryan, Chief Executive Officer, said:
 
“Total net revenue grew by 2 percent on a daily basis to $1 111 800 versus the previous quarter despite continued competitive pressures in poker, further strengthening of the US dollar and a weak macroeconomic environment all continuing to impact performance.  We are maintaining our market share in poker and our B2B strategy continues to build with the addition of INTRALOT, one of the world’s largest providers of lottery services to governments, to our Italian poker network, that is expected to launch later this quarter, as part of a long-term global agreement.
 
“Whilst the business environment remains challenging, our strong poker sign-ups together with the addition of 60 new games to our casino by the end of the first half, further B2B deals in the pipeline and our strong control of costs, mean we are well-placed to capitalise on our great products, great brands and strong cashflow.  Having successfully resolved our discussions with the US authorities we are actively reviewing consolidation opportunities that, if concluded successfully, are expected to provide new and additional sources of growth.”
 
The group also said it expects to report a charge to discontinued operations of between $100 million and $105 million when it reports its interim results after it entered into a non-prosecution agreement with the USAO in respect of its activities prior to the enactment of the Unlawful Internet Gambling Enforcement Act in October 2006.

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Gambling News :

Local Florida Poker Pros Scam Marc Klang For $500k - Previous scumbag rightfully wins over $500,000 gambling against a conglomerate of local poker pros. After using every excuse possible, said group decides they are not paying out any money. After some time they pay out $43k of 500k. Winner warns community of the groups actions to prevent similar future scams.

2017 Super High Roller Bowl Schedule - Poker Central, POKER PROductions and the Aria Resort & Casino have released details on the 2017 Super High Roller Bowl taking place 28-31 May.

Super Multitimes Progressive HD Slot - This 3-row, 5-reel slot features Multipliers, Wilds, Free Spins and four Progressive Jackpot levels offering increasing wins to heighten player engagement.

2017 Aussie Milliona Updates Events 2,3,4 - Taiwan's James Chen bested Australian Rainer Quel heads up to win the first championship ring of the series in which he defeated a field of 48 players in Event 2: $2,500 H.O.R.S.E. earning the top prize of AUD$39,700.

Juventus name VWin as Partner - “We are very satisfied with this new regional partnership that confirms Juventus’ global growth in high potential markets such as this one,” Giorgio Ricci, co-chief revenue officer & head of global partnerships and global revenue for Juventus said.

Luckia Group 2016 Results - The group reports record turnover of Euro 269.66 million, up 12 percent over full year 2015 with EBITDA standing at Euro 44 million, a 26 percent increase over the previous year.

Fire Rooster Slot Launches - This 5-reel, graphic-rich slot is based on the Chinese legend, The Rooster’s Lament, in which the Jade Emperor chooses specific animals to represent the months of the year.

n2-Live Updates - The company promises new features designed to enhance the playing experience that “further distance our gaming solutions from the ‘me too’ products currently available in the market place.”

Betfred FY 2016 - Betfred has seemingly reversed its fortunes with a strong 2016 delivering a GBP 28,438,000 operating profit as opposed to the GBP 77,312,000 loss in fiscal year 2015.

BetConstruct has joined the National Council on Problem Gambling - BetConstruct has joined the National Council on Problem Gambling (NCPG) saying it feels a duty to support an organization that strives to keep gaming fun and safe for all.

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