Online Casino Company PartyGaming Expects Stronger Quarters Ahead
PartyGaming, the online casino operator listed on the London Stock Exchange, reported that sales in the third quarter were down 4 percent from the same quarter last year. According to the Wall Street Journal, company officials said they anticipated the drop and expect a stronger fourth quarter to finish the year.
Sales for the online gambling company were at $122.7 million for the quarter. Executives say the fourth quarter already has shown considerable rebound.
Poker, long the mainstay of the PartyGaming line of online gaming products, fell 8 percent for the quarter. Increased competition, as new Internet poker sites arose, is blamed for the drop in revenue.
Online casino sales, in contrast, rose 2 percent. to surpass online poker as the primary source of company income. Casino revenue finished ahead of poker for the company, $49.2 million to $45.1 million.
CEO Jim Ryan said poker revenues had bottomed out, and he expects company strategy, including increased bonus payments to retain loyal customers, to pay dividends as the division's income begins to rise again.
Sports betting, while a small branch of PartyGaming operations, rose 31 percent, showing a potential for greater development, despite the crowded market.
