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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."
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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.
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 -
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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.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
NY Rangers vs. Devils on 12/21 -
When the Devils and Rangers hit the ice on Thursday (7 PM ET on MSG), so too will two of the league’s top netminders. After a slow start to the season, Henrik Lundqvist has returned to his form of old. Through 29 games, he’s posted a 2.59 goals against average, and a .920 save percentage.
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