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PartyGaming Reports Lower Revenues

3/4/10 - The giant Gibraltar-based online gambling group PartyGaming plc has posted its full year 2009 numbers, recording lower revenues and some losses in a tough economic period.
 
Highlights of the report include:
 
* Total revenue down at $446.2 million (2008: $472.9 million) with a softer performance in poker mitigated by growth in all other verticals
 
* Poker revenue dived to $196.7 million (2008 FY: $274 million)
 
* Casino revenue reached $196.2 million, up from last year' $175 million
 
* Bingo was well up at $32.8 million (FY 2008: $5.9 million)
 
* Sports betting revenues were up at $19 million (FY 2008: $18 million)
 
* Continuing Clean EBITDA of $135 million (2008: $144.2 million); slightly ahead of market expectations
 
The company results include provision for $15 million paid to the US authorities last year as part of a $105 million non-prosecution agreement in respect of activities in the United States prior to the passage of the UIGEA in 2006 (see previous InfoPowa reports).This conributed to an after-tax loss of $26.5 million (2008 FY profit was $66.9 million).
 
Among the company's achievements last year was the acquisition of Cashcade and the World Poker Tour.
 
Net cashflow from continuing operations was lower at $120.5 million (2008: $125.2 million) with net cash at the year end of $164.7 million (2008: $201.4 million)
 
Chief executive officer Jim Ryan said in a supporting statement: “We delivered a solid performance during 2009 which demonstrated the resilience of a business model that continues to generate strong cashflow, even in the most challenging of circumstances. 
 
"Leading brands and market position, supported by a strong balance sheet underpin our business strategy.  With some acquisitions and major B2B deals already under our belt, we plan to do more in 2010 and I believe we are on course to meet our objective of becoming the world’s most valuable online gaming company.”
 
Regarding current trading he added:
 
“The Group has continued to perform in-line with the Board’s expectations.  In the two month period ended 28 February 2010, average gross daily revenue was $2 074 000 (Q4 09: $2 090 800) reflecting a 1% reduction from the fourth quarter of 2009 that included an exceptionally strong performance in casino. 
 
"All other verticals increased average gross daily revenue from the previous quarter.  In poker, new player sign-ups increased to an average of 1 700 per day (Q4 09: 1 400), and there were on average 55 900 active players per day (Q4 09: 51 700) generating average gross daily poker revenue of $709 000 (Q4 09: $690 000). In casino, average gross daily revenue was $775 600 (Q4 09: $854 800).  In bingo, average gross daily revenue was $493 800 (Q4 09: $452 600) and in sports betting, average gross daily revenue was $95 600 (Q4 09: $93 400).
 
“Whilst the macroeconomic environment remains uncertain, we remain focused on executing our stated strategy and are confident about the Group’s prospects.”



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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