PartyGaming Announces 3rd Quarter Results: Poker Sales Fall
PartyGaming, which operates the world’s 3rd largest online poker room, announced its 3rd quarter results on Friday. While revenues rose 7 percent, the news was tempered by the performance of its poker sales.
The company’s online poker arm witnessed a drop of 5 percent in total revenue for the period.
PartyGaming claims that it is under increased pressure as its two biggest rivals, PokerStars and Full Tilt Poker, have made aggressive moves into the European market.
Chief Executive Officer Jim Ryan painted a more gloomy picture, stating that he anticipated a continuous decline in revenue for the European online poker market as individual countries like France and Italy become regulating. Ryan suggested that such regulation will result in “lower liquidity” and smaller prize pools.
PartyGaming’s positive results come following this summer’s World Cup wheresales were up 86 percent to EUR5.4 million in the third quarter. Other sportsbooks like William Hill also had banner 3rd quarter results for 2010 thanks to the FIFA World Cup.
PartyGaming is set to merge with Austria’s bwin, one of the largest Internet sports betting businesses in the world.
Ryan said, "In respect of current trading since the end of September, we have begun to see the normal seasonal upturn, in line with the board's expectations and we remain confident about the full year outlook." – Aaron Goldstein, Gambling911.com
