Online Gambling Giant PartyGaming Sees Large Revenue Increase
PartyGaming spent the better part of 2009 settling a disagreement with the US and acquiring other online gaming companies. On Wednesday, the company announced the fruits of those endeavors was a thirty-two percent increase in revenue for the fourth quarter.
Revenue was up to $132.2 million, and although it was a large increase, it was only slightly above expectations. The most significant figure to come out may have been the three percent rise in new customer sign-ups.
PartyGaming, the largest online gaming operator in the world, made headlines last year when they settled with the US for accepting customers from the country before the Unlawful Internet Gambling Enforcement Act was in place.
With that settlement out of the way, PartyGaming turned their attention to buying up some of the other online gaming companies during what was a large consolidation movement in the industry. Those acquisitions helped the company solidify its place on top of the Internet gambling world.
PartyGaming stock is currently the highest gaming stock being traded on the London Stock Exchange. At the close of the day Wednesday, PartyGaming stock was at 285.10. Investors may be quick to jump on the stock after Wednesday's revenue news, even at the high price.
In addition to the announcement of the revenue increase, PartyGaming also introduced their new Chief Operating Officer, Per Widerstrom. He will begin to attend to his duties on February 15th.
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