The Gibraltar-based online gambling group Party Gaming plc has posted posiive third quarter 2009 results, boosted by the acquisition of Cashcade, with the following highlights:
* Total revenue of $112.7 million (2008: $117.7 million) up 11 percent versus Q2/09 despite the traditionally slow nature of Q3, due mainly to bingo revenues from recently acquired Cashcade;
* Online Poker revenue of $45.1 million (2008: $65.0 million) down 8 percent on Q2/09 with higher player numbers offset by lower yields;
* Online Casino revenue of $49.2 million (2008: $45.6m) up 2 percent versus Q2/09 due to higher player yields;
* Sports betting revenue of $4.2 million (2008: $5.1 million) up 31 percent versus Q2/09 with an improved gross win margin despite poor sporting results
* Online Bingo revenue of $13.8 million (2008: $2.0 million) driven by the Cashcade acquisition.
* 208 000 new player sign-ups, a 51 percent increase over the same period the previous year (2008: 137 600), following the launch of new marketing campaigns for both PartyPoker and PartyCasino under the “FEEL IT” tag-line. The number of consolidated active player days and unique active players grew by 24 percent and 35 percent respectively versus 2008 helped by the acquisition of Cashcade.
Management revealed that the group has made a strong start in Q4/09 and the Board is confident on the it’s full year prospects.
Commenting on the third quarter KPIs, Jim Ryan, Chief Executive Officer, said:
“Our performance in the seasonally weak third quarter was in line with our expectations, with revenue up 11 percent versus the previous quarter.
"Casino once again delivered a robust performance with solid growth in player yields. We have increased the gross win margin in sports betting and remain focused on operational improvements to enhance the quality of our product and risk management tools.
"Poker remains challenging from a competitive standpoint, but we are encouraged by the increased player traffic during September and into October on the back of our new retention initiatives such as the enhanced loyalty programme, improved VIP offer and automated reactivation campaigns.
"Finally, the addition of Cashcade transformed our presence in the $1.5 billion online bingo market and was the driver behind the substantial increase in our bingo revenue.
“Our strategy is to drive both our B2C and B2B offerings and become a top three player in all of our product verticals. Having launched sites on behalf of four new customers in the quarter, our B2B strategy is progressing well. The important fourth quarter has started strongly, as expected, and we remain confident about the full year outlook.”
All News Categories
- General Gambling News (6847)
- Gambling Law & Society News (3448)
- Casino Games (3060)
- Casino Software (2904)
- Land Based Casino News (453)
- Promotions & Bonuses (281)
- Casino Banking (200)
- Casino Tournaments (111)
- General Poker News (53)
- General Sportsbook News (40)
- General Bingo News (37)
- LCB News (28)
- LCB Approved Casinos (21)
- Casino Warnings (17)
- Bingo Software (11)
- Bingo Games (9)
- Online Poker Tournaments (5)
- Predatory Terms (4)
Most Viewed ArticlesSee all
Live activity feed
"have to say myself being a new depositor with limoplay but also being a long term member of lcb that with the new format here am finding it harder to see the latest post from everyone or would of entered your competition now maybe some of my friends on here can tell me a way as i used to just click unread posts and get all the new information, glad to see you are back and hope u keep the contests up as there are quite a few of us lcb members that are very faithful to casinos from our forum that look after us and do spread the word around :)"READ
lcb activities in the last 24 hours
- new members
- members online
- guests online
- new posts
- free games played