PartyPoker Revenues Up Ahead of Poker RelaunchNet Revenue Up 6.4 Percent at Party Poker as Company Plans to Relaunch Product Offering |
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PartyGaming, the Gibraltar-based publicly quoted gaming operator, today announced its interim results for the six months to June 30, 2008.
PartyPoker.com, which makes up 60 percent of the business in terms of net revenue, grew net revenue in the period by 6.4 percent to $153.9 million compared to $144.6 million a year previous. Clean EBITDA (earnings before interest, tax, depreciation, and amortization) for poker leapt 57.9 percent to $36 million in the first six months of 2008 compared to $22.8 million between Jan. and Jun. 2007. Daily net revenue averaged $845,000.
Jim Ryan, CEO of the company said, “Our poker business continues to grow but is being held back by the continued competition from those sites that accept players from the U.S. The imminent relaunch of PartyPoker will be at the heart of…[our]… new initiative and should foster further growth of our existing franchise, whilst greater licensing of our technology will create new and, I believe, significant opportunities to grow revenue and profit.”
New player sign-ups in poker averaged 993 per day and there were on average 50,800 active players per day, generating average gross daily revenue of $835,300.
Although poker revenues have grown year-on-year, PartyPoker.com lost market share during the first six months of 2008 with the company blaming both competitor sites that offer real money games to players in the U.S., and other poker networks. It is estimated that in the week ending Aug. 24, 2008, PartyPoker.com had approximately 8 percent of the global online poker market (compared to around 12 percent in August 2007).
Total net revenue across all business units which includes casino, bingo, sports betting, and financial trading grew 17 percent to $254.8 million in the period, compared to $217.4 million a year earlier.
Share in the company initially fell 17.25p this morning to 196.25p before rebounding to 207.25 by 10 a.m., just 6.25p off their closing price yesterday of 213.5p.
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