PartyGaming Plc. issued a revenue report for the first half of 2006 Thursday showing that the company had a surge in profits boosted by the demand for its poker games as well as casino play.
According to the report, operation profits rose 67% in the first half of 2006 up to $319.3 million compared to $190.8 million during the same term last year, with continued growth in the online poker market as well as strong growth in the casino market. Sales also jumped 51% to $661.9 million.
Non-U.S. revenues for the company, which owns PartyPoker.com, also made a significant leap in the first half of this year. They were up 151% which is an increase from last year's $59.8 million to $149.8 million this year.
"PartyGaming has delivered a strong first half performance. These results demonstrate the strength of our business model and also the potential to grow our business through investment in the development of new products and new territories outside North America," said Mitch Garber, PartyGaming, Plc. CEO.
He continued by saying, "Our ability to adapt and innovate has ensured that we remain the clear market leader. The recent addition of backgammon and an exclusively non-U.S. facing sportsbook should add momentum to our expanding international revenue base, assisted by the forthcoming launch of multi-lingual versions of our games and marketing initiatives in a number of new territories. Whilst regulatory uncertainties continue, the board remains confident about the group's full-year prospects."
Despite its continued rise in profits, PartyGaming, Plc. stocks have taken hits this year along with other online gambling companies with the arrests of two online gambling execs in the United States for charges of illegal gambling.
PartyGaming, Plc. stocks had finally begun rebounding after its first tailspin caused by the arrest of former BetonSports, Plc. chief executive David Carruthers when Peter Dicks, Sportingbet, Plc. non-executive chairman, was arrested, causing prices to take another dip.