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***GambLux EDITOR NEWS*** |
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Thanks to the US Market, Competitors are Gaining on PartyGaming
[Sunday, November 23, 2008]
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The third quarter sales were not that high for PartyGaming Plc., owner of PartPoker. The company reported that third quarter sales did not indicate movement, either up or down. Competitors that take US bets made up ground on the company.
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PartyGaming fell 3.1 percent in the London trading. This figure was slight as was the sales for the third quarter. The third quarter sales this year was 117.7 million USD, down from the 118 million USD sales for the same quarter last year. Most of the company's revenue comes from poker. But poker revenue dropped fifteen percent in the quarter, same with new customer revenue which dropped twelve percent.
Analyst Mark Brumby from Blue Oar Securities in London said, "We are seeing a trend across the online industry of poker being weak, but sports betting, bingo, and casino strengthening." The lack of activity is one of the problems PartyGaming is experiencing. With other sites still taking American players, they have more traffic running through their sites and online players move towards these more populated sites. The online bingo market though is one that is growing, with PartyGaming's revenue almost doubled in the third quarter. The UK was largely responsible for that growth spurt.
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