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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.



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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