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HEADLINE: PartyGaming revenues hit by poker
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PartyGaming reported flat quarterly revenues due to a 15% decline in poker and said the challenging economic environment and strengthening US dollar continue to affect its revenue performance.
The online gaming group’s total revenue came to $117.7m in the three month ended 30 September from £118m last time, as a 15% drop in poker revenue offset growth in casino, sports betting and bingo.
Casino, sports betting and bingo grew revenue year-on-year by 25%, 19% and 143% respectively.
In the 6 weeks ended 11 November, average gross daily revenue has fallen by 7% from that achieved in the third quarter to $1,492,000. New poker player sign-ups averaged 1,220 per day and there were on average 57,950 active poker players per day.
“The substantial appreciation of the US dollar has adversely impacted our revenues but has had a corresponding benefit on our costs, most of which are incurred in Euros and Sterling,” said chief executive Jim Ryan.
“We have continued to generate good cashflow in the period and retain a strong balance sheet. The board remains confident of delivering full year Clean EBITDA in line with our expectations,” he added.
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