Casinos.co.uk: Casino News Archive
Friday 21st July 2006
Partygaming Looks Beyond the US as Revenues Double
Online gambling group Partygaming has unveiled an increase in sales, with revenues up 50% to $319.3m (£172.7m) in the three months to June, from $214.8m the previous year.
The announcement surfaces during a period of turmoil for the online gaming industry, as intensive pressure by US authorities on Internet gambling in the US, prompted by the arrest of BetOnSports CEO David Carruthers, continues to gather momentum.
A reported 73% of Partygaming's revenue still comes from the US, although the firm says almost half its 232,446 real-money poker signups have come from elsewhere, an indication of the company’s shifting market focus.
'In the midst of this turmoil, Partygaming is accelerating its strategy to become less reliant on US income - already this figure has reduced to 73% of total income, as opposed to 90% at the time of its initial float last year, ' said Richard Hunter, analyst with Hargreaves Lansdown Stockbrokers.
In its expansion plans, Partygaming looks to continue to drive its international expansion, with an ‘aggressive’ pursuit of non-US business in Europe and South America. Partygaming CEO Mitch Garber remarked that the international expansion remained a “clear objective” over the coming months.
Source:OnlineCasinoNews
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