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PARTY GAMING TRADING UPDATE RELEASED

Q2 revenues will be up 28 percent
 
The London-listed online gambling giant PartyGaming plc issued a trading update Tuesday revealing that its second quarter revenue is expected to be up around 28 percent compared to the same period last year, mainly due to strong growth in its online casino division, along with the acquisitions of Cashcade and the World Poker Tour.
 
However, the update notes that total revenue is likely to be slightly lower by around 2 percent compared to Q1 following a 9 percent decline in online poker activity and some unexpected outcomes at the football World Cup which had a greater-than-expected adverse impact on other parts of the business.
 
Online casino revenues grew quarter-on-quarter despite seasonality and the impact of the World Cup, whilst online bingo and sports betting revenues remained steady when compared with the previous quarter.
 
Management said that prospective licensing and regulation in Europe and the US continues to offer exciting medium to long-term revenue potential through both B2C and B2B opportunities
 
"Poker has been particularly tough with the number of daily average players expected to fall by between 8 percent and 9 percent versus the first quarter, coupled with lower yields due to reduced frequency of play on the back of both seasonality and the World Cup," the update reveals.  "As a result, we expect poker revenue in Euros to be down between 11 percent and 13 percent quarter-on-quarter."
 
The update notes that in Italy, the new licensing regime that would permit cash game poker has been delayed and is now not expected to occur until the fourth quarter of 2010.  In France, the group launched its PartyPoker.fr website on 1 July 2010, one of the first operators to enter the newly regulated online market, and Management are 'very encouraged' by performance to date.
 
Online casino operations continued to perform well and aare expected to deliver net revenue growth of approximately 6 percent compared with the seasonally strong first quarter, due primarily to an increase in yield thanks to a higher hold and favourable currency movements, despite daily average player numbers down approximately 5 percent on the back of seasonality.
 
Party Gaming CEO Jim Ryan, said: “We are pleased with the relatively robust performance of our business compared to many other consumer facing businesses in what remains a challenging economic environment.  Overall the Group has performed in-line with expectations even though the adverse impact of the World Cup on our non-sports betting verticals was slightly greater than expected. 
 
“We have made great progress in securing partners for our poker network in France with PMU, AB Groupe and Aviation Club de France already in place.  We expect to add another significant partner to our French network in the near future.  The early signs from this important new market are encouraging.
 
“The World Poker Tour is performing in-line with our expectations and we believe that this asset, combined with the strength of the PartyPoker brand and the resolution of our US legacy issues ensures that we are well-positioned should online gaming become regulated in the US. In this respect, discussions are progressing well with a number of potential US-based gaming partners.
 
“Whilst progress on consolidating the online gaming industry has been slower than expected, we remain committed to playing an active role and are continuing to pursue opportunities with a number of parties."



Gambling News :

Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

Kung Fu Rooster Slot Goes Live - Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.

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3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

Pokerstars Pulls Out Of Coloumbia - Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.

The Railbird Launched By Americas Card Room #acra - Watching your friends conquer the tables just got a whole lot easier. Americas Card Room recently launched its industry-first Player Observer Tool dubbed “The Railbird”, a new feature that allows players seated at Americas Card Room tables to instantly share a live stream of their action with friends.

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