Online gambling group Party Gaming plc has reported a 27 percent rise in first-quarter revenue that is mainly attributable to strong growth from internet casino, bingo and sports betting services.
Online poker revenues continue to disappoint, however, depressed by competition from major websites like Pokerstars and Full Tilt Poker, which continue to take bets from United States-based gamblers.
Group revenue increased to $127.1 million in the first quarter of 2010, with casino revenue up by 25 percent to $51.2 million, and online poker revenue falling to $47.8 million from $53.6 million in the same quarter the previous year.
First quarter highlights included:
* Group revenue up 27 percent to $127.1 million (2009: $100.1 million);
* Average daily revenue down 2 percent versus the previous quarter due to an exceptional casino performance in Q4.
* Poker revenue of $47.8 million (2009: $53.6 million);
* Casino revenue up 25 percent to $51.2 million (2009: $40.9 million);
* Average daily casino revenue down 9 percent versus the previous quarter due to an exceptional casino performance in Q4 and foreign exchange considerations.
* Bingo revenue of $17.7 million (2009: $1.0 million);
* Average daily bingo revenue up 4 percent versus the previous quarter driven by higher player numbers, partially offset by adverse foreign exchange circumstances.
* Sports betting revenue of $7.1 million (2009: $4.5 million);
* Average daily sports betting revenue up 1 percent versus the previous quarter due to further improvement in gross win margin
Jim Ryan, Chief Executive Officer, said: “Total revenue was up by 27 percent year-on-year with strong increases in all product verticals except poker, which fell due to competition from US-facing sites.
“On a quarter-on-quarter basis and as expected, we have seen a slight softening in average daily revenue overall following the exceptional casino performance in the previous quarter. While clean EBITDA margins for the year to-date were ahead of our expectations in the first quarter of 2010, we are maintaining our previous full year guidance for 2010 clean EBITDA margins of approximately 28 percent.
“In line with our expectations, since the end of March gross average daily revenues have softened and were down between 6 percent and 7 percent versus the average for the previous quarter, reflecting the normal seasonal pattern seen in previous years.”
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"Disclosure: I'm founder and CEO of Oshi h0p3less has finally reached out to me directly and were sorting this out now. For everyone watching on the sidelines, here is my take: - initially the facts show this person has done a double spend attack- assuming he did do a double spend attack, he took us for 2 Bitcoins- h0p3less says were withholding two of his Bitcoins - he has done a great job at tarnishing our reputation for no particularly good reason- I don't claim to be a Bitcoin expert, that's why I have Travin who is a genuine expert in this area. - Because this person has never gone through an identity check in our casino, I had no idea who it actually is. This lack of accountability disturbs me- therefore, I don't know if it's a normal balanced person who has been unjustly accused of something, or whether it's a 'crazy Internet blackmailer' just causing trouble.- I've asked him to contact me directly and now were finally dealing with this one to one I think it's wrong just to pay this person because they stir up trouble and so I am going through a very time-consuming investigation which will involve Travin (our own a Bitcoin expert) , Cubits (the payment processor) and SoftSwiss (the operator) to be 100% clear on the facts as they are. My problem with double spend attacks is that we have to work with circumstantial evidence. I'm okay with circumstantial evidence, because if a court uses it to indict somebody then we can make a judgement to if the evidence is good enough. In any case I want to - not be blackmailed into just paying because this person causes so much trouble- do deeper investigations on this to get more facts- resolve this based on the facts as we find them. If it goes against h0p3less , then expect a lot more rubbishing of Oshi online. In Oshi there is an internal mantra which is 'don't be evil'. Evil is just taking people's money on some random excuse. We don't do that. If you ever check me out or read some of the backdrop to this business you'll know that were very principled and our objective is much bigger than just making money. We want to make gambling a better experience... And then stuff like this happens. So were sorting it out with h0p3less directly."READ
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