PartyPoker Revenue Down Eight Percent in Third Quarter

Party Gaming Plc, parent company of PartyPoker.com, today issued its third quarter 2009 financial statement which reveals poker revenue was down eight percent to $45.1 million between July and September 2009 from the previous quarter and a fall from $65 million in the same period of 2008.

The company said in its interim statement that “Despite the competitive challenges in poker, we continued to sign-up large numbers of new players and achieved an absolute increase in player numbers versus the previous quarter despite seasonality."

Foreign exchange movement caused player yields to drop during the period while bonus costs rose by 5 percent compared to the last quarter.

Jim Ryan, chief executive officer of the company said, “Poker remains challenging from a competitive standpoint, but we are encouraged by the increased player traffic during September and into October on the back of our new retention initiatives such as the enhanced loyalty programme, improved VIP offer and automated reactivation campaigns."

PartyGaming recently bought the assets of the World Poker Tour.

Sports betting revenue performed well for the company, up 31 percent to $4.2 percent from the previous quarter. Total revenue for PartyGaming in the third quarter was $112.7 million, up 11 percent on the second quarter of 2009 but down from $117.7 million in the same period of 2008.

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