Gibraltar-based online casino operator reports favourable results for first quarter of 2008.
Friday 2nd May 2008
Gibraltar-based online casino operator PartyGaming has announced that revenues for the first quarter of the year have risen by 21 percent.
PartyGaming stated that revenues rose to $128.9 million for the first three months of the year, up from $106.2 million in 2007 and six percent higher than the previous quarter. It reported that this was due in large part to a 45 percent year-on-year revenue growth to $43.5 million for its online casino operations.
Revenues gained from poker rose 13 percent to $80.7 million while sportsbetting revenues were up four percent better at $4.7 million.
However, the firm revealed that total average gross daily revenues fell by one percent for the four weeks ending on Monday to $1.75 million reflecting the start of the ‘seasonally quiet period of the year’.
'As we enter the seasonally quiet period of the year, the business is performing well and there are a number of exciting developments in prospect,' said Mitch Garber, Chief Executive Officer for PartyGaming.
'Over the next few months we will open our licensed Italian business, introduce a number of new branded online slot machines and launch a completely new product vertical. We remain confident about the group's prospects for the full year.”
The company also announced that over 171,000 real money sign-ups were added during the quarter, 30 percent lower than last year’s 244,600. This was due, PartyGaming reported, to an aggressive marketing campaign to boost player liquidity in the first quarter of 2007 following the enactment of the Unlawful Internet Gambling Enforcement Act.
However, it stated that the total number of real money sign-ups was 14 percent above that achieved in the fourth quarter of 2007 and was driven by the launch of marketing campaigns for PartyCasino.com and PartyBets.com as well as solid growth in poker sign-ups.
Gibraltar-based online casino operator PartyGaming has announced that revenues for the first quarter of the year have risen by 21 percent.