Paradise Poker Revenue Down as Competition BitesSportingbet Poker Rake Down 5 Percent in Third Quarter |
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Sportingbet Plc, owner of Paradise Poker, today announced its poker rake was down 5 percent in the third quarter of 2009 year-on-year, to £5.8 million from £6.1 million. This represented a decrease of 15 percent in constant currency terms.
Net gaming revenue was static, year-on-year, in the same period at £5 million.
In the nine months to the end of April 2009 net gaming revenue for poker was £14.7 million, down from £15.7 million in the same period of 2007/8 financial year.
The company said in its financial statement, “Poker remains very challenging as the environment remains highly competitive with large U.S. focused poker companies, in particular, using their significant cash flow and high liquidity to attract European customers.”
Poker accounts for 12 percent of the Group’s revenue, down from 14 percent in the third quarter of 2007/8. The results come on the back of declining poker revenue over the last couple of reporting periods.
The good news for Sportingbet Plc is that overall operating profit across the group, which also comprises sports betting and casino, was up 34 percent to £9.8 million.
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