Embattled online gaming operator PartyGaming has announced that its total revenues for the fourth quarter of last year dropped by 18 percent to $100.4 million when compared to the same period in 2007.
Gibraltar-based PartyGaming is the firm behind popular online poker domain PartyPoker.com and revealed that its revenues were also down by 15 percent when compared to the previous quarter, something it blamed on the appreciation of the US Dollar compared to its British, European and Canadian counterparts.
This is the third consecutive quarter of decline for PartyGaming and its average daily revenues were $1.09 million, which was 18 percent lower than the year before and a 15 percent decrease on the previous quarter. It stated that this could have been affected by the increased promotions associated with the relaunch of its poker product at the end of September along with continued strong competition in the market.
However, the firm reported full-year revenues of $472.9 million, which was a three percent increase over the prior year, alongside a 22 percent rise in new player sign-ups and an eight percent increase in the number of unique active players versus the previous quarter.
“We continue to make solid progress in the execution of our strategy,” said Jim Ryan, Chief Executive Officer for PartyGaming.
“Trading conditions have remained tough with an unlevel playing field in poker and the appreciation of the US dollar against other currencies continuing to impact top line performance. However, currency movements had a corresponding benefit on our costs and, consequently, we anticipate clean EBITDA for the full year to be slightly ahead of market expectations.
“Our discussions with the US Department of Justice continue to progress in line with our expectations and the execution of our strategic plan together with tight control over our cost base means we look forward to making further progress to consolidate our position as the world’s leading listed online gaming company.”