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Poker Leads Way to PartyGaming Profits
PartyGaming's overall earnings are expected to be slightly ahead of expectations by year’s end, thanks in part to growth in the company's poker site PartyPoker.
“Returning poker to growth has been a key focus for us,” PartyGaming CEO Jim Ryan said in a statement released Friday.
“We are pleased to see that initiatives released throughout the year are now feeding through into both operation and financial performance with increased player numbers and average net daily revenues versus the previous quarter, despite continued competition from illegal US-facing sites and the difficult macroeconomic climate.”
PartyPoker made headlines earlier this year when it acquired the World Poker Tour. The site also released a major software revamp to its poker client that added a variety of new features.
Ryan went on to say changes in licensing and regulation in both Italy and France could potentially lead to a new source of long-term revenue.
Poker wasn’t the only positive development for PartyGaming, which also saw its casino, bingo and sports book put up strong numbers in the last quarter of the year.
PartyGaming, a publicly traded company, was hit hard when the U.S. passed the Unlawful Internet Gambling Enforcement Act in 2006. The site pulled out completely from the country and its player base subsequently dropped dramatically.