PartyGaming’s first quarter revenue rose 27% to $127.1 million, up from $100.1 million posted for the same period in 2009. The performance was marked by strong increases in all product verticals except poker which fell due to competition from US-facing sites.
“On a quarter-on-quarter basis and as expected, we have seen a slight softening in average daily revenue overall following the exceptional casino performance in the previous quarter,” said Jim Ryan, chief executive officer, PartyGaming.
The group shared that its average daily revenue was down 2% versus the previous quarter. After an exceptional performance in the fourth quarter of 2009, casino revenue returned to more normalised levels and this decline versus the previous quarter coupled with adverse currency movements held back overall performance.
The group added over 245,000 new sign-ups during the quarter, a 23% increase over the prior.
In the bingo sector, the company witnessed another solid quarter with a 4% increase in average daily revenue to $196,400 over the previous quarter (2009: $11,200) driven by a 6% increase in daily average players, partially offset by a drop in yield per active player day due to foreign exchange movements. The substantial increase year-on-year was driven by the acquisition of Cashcade.
New deal in France
The group signed a B2B deal in France, with the addition of Aviation Club de France that will join its French poker network which PartyGaming plans to launch as soon as the new regulations allow.
PartyGaming shared that when the new online gaming legislation is enacted in France, the Group intends to cease accepting players located in France for casino and bingo games. In the first quarter of 2010, revenue generated from French casino and bingo games amounted to $3.1m.
