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PartyGaming continues revenue climb
PartyGaming PLC released a fourth-quarter report for 2007 today that shows the company's revenue continued to rise to bring in a total of $448.2 million for the full year. That puts the company slightly ahead of projected revenues for the year.
For the fourth quarter of 2007, the company reported $120 million in revenue, plus it said its daily revenue rose 4% from the preceding quarter. Helping to get the online gambling site to that point was the 11% rise in active player days from the previous quarter and 30% rise compared to the previous year.
A large part of the revenue increase came from a 156% increase in casino revenues from the same period the previous year for the company. PartyGaming also saw its sports betting revenues increase by 50% from the 2006 fourth-quarter results.
Poker revenue, from PartyGaming's poker site PartyPoker, posted a significant increase in the fourth quarter as well. During the 2006 fourth quarter, the company reported $58.8 million in poker revenue, which rose to $72.6 million for the 2007 fourth quarter.
That brings PartyGaming's full-year poker revenue up to $288.8 million, compared to $268.1 million in 2006.
According to the PartyGaming report, the company's poker business saw a 13% increase in the number of unique active players versus the previous quarter.
"Despite the normal seasonal pick-up and a successful reactivation campaign, the restructuring of the Group's loyalty program, which resulted in a 9% fall in yield per active player day in the period, meant that poker revenue declined by 3% quarter-on-quarter to $72.6 million," said the company in its report.
However, the company expects improvements to the loyalty scheme, with more focus on rewarding player loyalty rather than just levels of play, to bring those levels back up to what they were in the first half of 2007.
The company has also enjoyed strong growth in the number of customers playing poker on its site since the end of September 2007.
"However, along with a number of competitors, PartyPoker has lost a small amount of market share to those sites that continue to take bets from players located in the U.S. and other countries from which we will not accept players for regulatory reasons," the company said.
As of Jan. 28, 2008, PartyPoker has an estimated 10.2% global market share in poker.