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Online Poker Boom Starting to Subside at PartyGaming?
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09-Jul-2008, 15:38
The Poker boom is beginning to subside at PartyGaming, although it is managing to largely replace lost Poker revenues with increased income from online casino and online Bingo games. PartyGaming's overall gross revenues since the end of April have slowed, and although some drop-off is to be anticipated at this time of the year, the company said the decline has been slightly bigger than expected.
The group cited the distraction of Euro 2008 and strong competition from operators still able to accept US players on their sites for the disappointing performance of the Poker division in May and June. The strong performance in the casino has been driven by a rise in the number of players and cross-selling from the Poker sites. Operational efficiencies and lower marketing costs mean that Clean EBITDA margins are expected to be much higher in the first half than last year.