Party Gaming, one of the largest online gambling enterprises, operating mega brands Party Poker and Party Casino released its third quarter results. According to the release, the company’s overall revenues increased by 9% to €85.3M, from €78.3 in Q3 20009.
The Increase was influence by an overall increase in all of the company’s operations revenues, excluding poker, which decreased by 5% to €29.6M. According to the release, poker revenues decreased due to competitive pressure from Party Poker’s US facing competitors Poker Stars and Full Tilt Poker.
Casino revenue experienced a mild 2% increase to €34.8M, while Bingo revenues increased by 36% to €13.1M, with Bingo operator Cashcade purchase. The highest increase, in the size of 86% was experienced in the smaller sports betting business which increased to a modest €5.4M.
Party Gaming CEO, Jim Ryan reacted to the financial results with the following statement:
“Total revenue was up by 9% year-on-year with growth in all products except poker, despite the impact of having closed our French casino business at the end of June 2010. Excluding French casino, total revenue would have been up by 12% year-on-year, driven by casino growth in other markets, acquisitions and a strong performance in sports betting.
“We have been encouraged by the strong start from our nascent French poker network that went live on 1 July 2010. A strong performance by PartyPoker in France has been further boosted by the launch of PMU’s poker business in France as well as services for AB Groupe and Aviation Club de France.”
He also had the following to say about Party Gaming’s merger with other gambling giant Bwin, that has been announced on February this year.
“I am also pleased to report that the proposed merger with bwin remains on track to complete at the end of Q1 2011, subject to regulatory and shareholder approvals and I am delighted that Simon Duffy has agreed to become Chairman of the Enlarged Group on completion, as detailed in a separate press release issued today.”
