Poker Continues to Soar in Popularity as PartyGaming posts Record Sales
Whatever is happening to the rest of the economy, certain sectors of the gambling industry are faring better than ever before. PartyGaming has posted its latest figures which show that for the final quarter of 2009 sales soared by a massive 32%.
PartyGaming’s final quarter sales came in at $132.2 million, and this was much assisted by some acquisitions the company made earlier in the year. These were the purchase of Cashcade Ltd, a casino operator, and probably more importantly, the acquisition of the World Poker Tour.
PartyGaming is also buoyant regarding its prospects for 2010 and anticipates that earning will be higher than expected.
The company’s major income generator is online poker along with casino games. It also generates significant income from its sports book and from its online bingo sites. In terms of market capitalisation it is the largest online gaming group listed on the stock exchange.
During 2010 it is quite likely that further consolidations of the gaming industry will occur, and PartyGaming has let it be known that they are discussing consolidation plans with several other organisations. Although the company is not disclosing which companies, industry insiders have suggested that Bwin is in the frame. It would make considerable sense as both companies are based in Gibraltar and many of their operations are complimentary.
PartyGaming is also keeping a watching eye on anticipated legislative changes in gambling regulations and laws that are anticipated in several companies over the coming years. France will become accessible later this year and it is likely that Denmark will adopt a more liberal approach to gambling in 2011. Changes to the American legislation are also anticipated eagerly.
As a result of these figures PartyGaming shares have soared in value by over 30% in the last few months.
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