Gibraltar-based online gambling firm PartyGaming has announced that revenues for the first six months of the year were up 17 percent on the same period in 2007 to $254.8 million with growth in all product areas.
The firm behind PartyPoker.com and PartyCasino.com revealed that poker revenues were up six percent to $153.9 million driven by higher yields while those from its casino business rose 38 percent to $89.9 million due to both higher player numbers and yields.
Revenues from the firm’s PartyBingo.com site were up 82 percent to two million dollars thanks to growth in its UK business while the firm’s PartyBets.com site saw incomes up 36 percent to nine million dollars thanks to a strong increase in betting volumes.
“PartyGaming is a company that has transformed itself into a truly international business,” said Jim Ryan, Chief Executive Officer for PartyGaming.
“The group’s performance over the first six months of 2008 is a testament to that transition. Since arriving as Chief Executive Officer a few weeks ago, I have found a world-class business with enormous potential.
“As our markets evolve so must our business strategy. Our poker business continues to grow but is being held back by the continued competition from those sites that accept players from the US. We will continue to leverage our skills and technology through our own brands, which remain strong, and also through the brands of others in the form of white labels. We also now plan to enter into relationships with other gaming companies across all our products.
“The imminent relaunch of PartyPoker.com will be at the heart of this initiative and should foster further growth of our existing franchise while greater licensing of our technology will create new and, I believe, significant opportunities to grow revenue and profit.”