Paradise Poker Revenue Sees Small Decline in 2010Sportingbet’s Poker Business Weathers Recession Well With Only Marginal Drop in Gross Revenue |
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Sportingbet Plc today delivered solid figures for revenue generated from Paradise Poker to year-end July 31, 2010.
Compared to many of its competitors, Paradise Poker registered just a small decline in gross gaming revenue of just 1.4 percent to £21.7 million in the 12 months to end-July 2010 compared to £22 million in the same period a year earlier.
The company said in its year-end report that, “Poker continues to suffer as part of a global trend where huge liquidity advantages are realised by some of our competitors who are prepared to accept US resident players. We believe this is a relatively good performance and was down to several factors: localising the poker product, improving our Paradise poker tour and working with the IPN network to improve the acquisition and retention of players.
After promotional bonuses of £4.3 million were deducted the company earned net revenue of £17.4 percent, down from the £18.8 million earned a year earlier.
Poker makes up 10 percent of total gross gaming revenue at Sportingbet.
Total net gaming revenue at Sportingbet, which operates sportsbook and casino business as well, was up 26.8 percent to £207.5 million from £163.8 miliion a year earlier.
Last month the company settled with the U.S. Department of Justice of $33 million arising from its online gambling activity in the U.S. between 1998 and 2006.
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