PartyGaming Revenue Grows by 30%

PartyGaming has officially announced to have produced a 30% increase in revenue in the first half of 2010 to €181.2 million, compared to last year’s €139.9 million.

PartyGaming’s statement says the growth is due to “acquisitions and strong growth in casino and sports betting”.

After merging with Bwin to become the largest listed online gaming company in the world, PartyGaming had to cover serious marketing expenditures. Also, the company bought the bingo operator Cashcade, and these meant that earnings before interest, tax, depreciation and amortisation (EBITDA) only rose 14%.

Because of the Cashcade deal, Party’s bingo revenue jumped from €1.2 million to €25.8 million.

Casino revenue also shows growth from €62.1m to €76.4m, and sports betting revenue rose from €5.4m to €10.2m, probably due to the football (soccer) World Cup in June.

The only field not showing growth is poker (falling from €71.2m to €64.4m), but this has been a common occurrence in the industry, once again, mainly because of the World Cup.

PartyGaming objected the “continued dominance of US-facing sites” , adding that they are set to expand their French and Italian poker offerings in turn. This July, PartyGaming received five French network licenses, including PartyPoker, PartyBets and Gamebookers brands.