PartyGaming revenues increased 15% Slots Gambling

PartyGaming revenues increased 15%

March 5, 2011

PartyGaming, one of the largest providers of online casino and online poker software, has published the year-end figures for 2010. The total revenue of the company had increased by 15% to € 357.3 million with a weak performance in poker that was mitigated by strong growth in other parts.

Net income of the casino gambling business was EUR 38.9 million, or 9 cents per share, compared with a loss of 18.5 million Euro, or a loss of 4.5 cents per share one year earlier. PartyGaming is planning to merge with the online sports betting company Bwin to create the largest casino gaming company in the world. According to the company, the merger with Bwin is on schedule and the trading in the shares of bwin.party digital entertainment plc will start from march 31 2011. According to the online casino company, business is going well in the newly regulated markets, and they expect more regulation in Italy and Denmark later this year.

Jim Ryan, CEO of PartyGaming said: “During 2010 the Group delivered on a number of its strategic objectives, the most significant of which was the announcement of our transformational merger with bwin, the world’s largest listed online sports betting business. We also completed the integration of both Cashcade and WPT whilst our French network has captured around 14% of the newly regulated French poker market . In the US we believe there is growing political and commercial will to regulate online gaming and that we are well-positioned to exploit our strong franchise in that market should regulations allow. As our merger with bwin is set to complete on 31 March 2011, we are finalising our plans to integrate both businesses as quickly as possible.” In view of the current market, he added: “The Group has continued to perform in-line with the Board’s expectations. In the two-month period ended 28 February 2011, average gross daily revenue was €1,431,800.”

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