PartyGaming announces profits rise
By staff
Leading online gambling company Party Gaming has released its third quarter results for the year showing a 24 per cent annual increase in revenues to $116 million.

The results for the Gibraltar-based firm are five per cent higher than those for the previous quarter and greater than the $93.3 million for the same period last year.

The company stated that solid performances from its online casino operations and sportsbetting offset a slight decline in poker revenues, which were down three per cent to $74.8 million.

Casino operations generated a 158 per cent improvement from $14.2 million last year to $36.7 million while the company’s sportsbetting income rose 91 per cent from $2.2 million last year to $4.2 million most recently.

Much of the quarter's improved performance came from strong growth in casino operations achieved despite a 14 per cent drop in yield per active player day from $20.3 in 2006 to $17.4 this year following the loss of many of the company’s high-spending US customers.

Online activity is traditionally quieter over the summer and this was reflected in reduced third quarter new player sign-ups, which were down 14 per cent to 129,700. However, Party Gaming stated that this had been offset to some extent by a particularly strong first half with the number of new player sign-ups up 44 per cent on the equivalent nine-month period last year.

The company said that fourth quarter trading was looking promising as it was increasing nine per cent on the previous quarter with active players per day averaged 65,000 generating average daily revenues of $938,000 and casino daily revenues of $569,000.

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