Competitors Gaining On PartyGaming Thanks To U.S. Market

The third quarter numbers were not particularly great for PartyGaming Plc.. The company that owns PartPoker, reported that third quarter sales did not indicate a sharp movement either up or down. While they stood still, competitors still taking U.S. bets made up ground on the company.

In London trading, PartyGaming fell 3.1 percent. That figure was slight as was the sales for the third quarter. The company reported that sales were $118 million last year in the third quarter, and this year that figure dropped to $117.7 million.

Although the sales were only slightly lower than the same period last year, the poker revenue from poker, which generates most of the revenue, dropped fifteen percent in the quarter. New customer revenue also dropped twelve percent in the quarter.

"We are seeing a trend across the online industry of poker being weak, but sports betting, bingo, and casino strenghthening," said Analyst Mark Brumby from Blue Oar Securities in London. One of the problems PartyGaming is experiencing is a lack of activity.

Online players generally move towards more populated sites. With other sites still taking American players, they have more traffic running through their sites. People see that and flock towards those sites.

The online bingo market is one that is growing. Revenue from bingo almost doubled for PartyGaming in the third quarter. The U.K. was largely responsible for that growth spurt.

November 20, 2008
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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