PartyGaming Revenue Up on Casino Earnings

Strong growth at the casino business was largely responsible for a 21% hike in first quarter revenues at PartyGaming, the online gambling group admitted Wednesday. Group revenue jumped to $128.9m in the first three months of the year, up from $106.2m in 2007 and 6% higher than the previous quarter, helped by 45% year-on-year revenue growth to $43.5m at Casino.

Poker revenue rose 13% to $80.7m, while sports betting revenue was 4% better at $4.7m, but total average gross daily revenue fell 1% in the 4 weeks ended 28 April to $1.75m.The company said this reflects the start of the seasonally quiet period of the year, which has seen slightly weaker Poker, but a better than expected casino business.

"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 boss Mitch Garber.

"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," he added.

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