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Online Casino sees solid start to year for Party Gaming

The online gaming giant Party Gaming who operate such brands as Party Casino and Party Poker has just released it's results for the first quarter of 2010 and they show a strong performance of their online Casino. Both online Bingo and Sports Betting products also performed strongly. But the figures showed that Poker has been hit by their big US rivals Full Tilt and PokerStars.

They reported that total revenue had increased by 27% year on year to $127.1m (AU$145m). The Online Casino added big figures delivering $51.2m (AU$58m) in profits showing a 25% growth year on year, with player yields up by 43%. A lot of this growth was put down to a new successful marketing strategy that is now bearing success.

Following on from the purchase of UK bingo business Cashcade in July 2009, the new online offering has seen a huge growth in revenue from $1.0m to $17.7m (AU$19.4m) in six months. Sports betting also followed suit with a 58% increase in revenue to 7.1m (AU$8.1m).

The only bit of negative news for the group was the year on year fall of 11% for the Online Poker arm. Revenues fell to $47.8m (AU$54.5m) against an increase in active players of 22%. This fall in performance mainly came from the US where they face fierce competition from very established brands.

Jim Ryan, Group CEO, when speaking about the figures, said: "Total revenue was up by 27% year-on-year with strong increases in all product verticals except poker, which fell due to competition from US-facing sites… While Clean EBITDA margins for the year to-date were ahead of our expectations in the first quarter of 2010, we are maintaining our previous full year guidance for 2010 Clean EBITDA margins of approximately 28%."

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