PartyGaming Results Decline Slightly
By Staff
Gibraltar-based online gaming provider PartyGaming has released its results for the third quarter of the year showing strong growth in its casino, bingo and sportsbetting businesses but a decline in revenues from poker.

PartyGaming revealed that poker revenues for the third quarter were down to $65 million from the $76.3 million it earned during the same period last year. The firm stated that this was due to lower player frequency and yield and also reported that nine-month revenues from poker decreased one percent to $218.9 million.

However, revenues from its casino business grew 25 percent to $45.9 million for the third quarter from the $36.7 million it reported for the same period last year due to higher player numbers and yields. Nine-month revenues from its casino business fared even better by increasing 33 percent to $135.8 million.

In addition, its sportsbetting division reported that revenues grew by 19 percent for the quarter to $5.1 million from the $4.3 million it reported for the same period last year due to continued growth in live betting. It declared nine-month revenues from sportsbetting of $14.1 million, which was 29 percent up on the $10.9 million it acknowledged for last year.

Completing the good news, bingo revenues were up by 143 percent to $1.7 million for the short-term from the $700,000 announced for 2007’s third quarter due to a growth in the firm’s UK business. Just as spectacular, nine-month revenues from bingo increased 106 percent to $3.7 million from 2007’s $1.8 million.

Overall, PartyGaming reported total revenues of $117.7 million for the quarter, which was $300,000 less than last year’s third quarter, alongside an eleven percent rise in nine-month results to $372.5 million.

“We are making solid progress on executing our strategic plan, albeit against a challenging economic backdrop and strengthening US Dollar,” said Jim Ryan, Chief Executive Officer for PartyGaming.
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