GAMBLING NEWS
PartyGaming has had a drop of revenue in the third Quarter
Oct 16, 2009
PartyGaming the owner of several networks and the gambling portal that includes PartyBets, PartyBingo, PartyCasino and PartyPoker has had a tough 3: rd quarter. The financial report that has been released shows that in overall the major gambling operation has had a loss of revenue when comparing the results from the same time period last year. One of the main reasons of the drop n revenue has been that Party Poker has been forced to match the bonuses and offers that other poker rooms allow.
During the same time last year PartyPoker had a revenue of $65 million and this year it has dropped by approximately 30.6% bringing it down to 45.1 million over the quarter. The most positive in the third quarter report for PartyGaming has been the increase of bingo traffic that has gone up 690% from last year from 2 million to 13.8. The gigantic increase in traffic is due to the acquisition of the bingo network Cashcade. PartyCasino also had a small increase and revenue with 8% from 45.6 million last year and 49.2 million in 2009. The report also shows that PartyGaming is attracting lots of new customers and the it has been an increase in traffic during both September and October which is the result of a massive retention campaign and the introduction of a new loyalty program setup.
The reports coming in from the gambling companies are showing a decrease in revenue for most of the companies when comparing to last year. This is probably due to the recession that has blown passed the world. The third quarter is normally a week quarter due to summer vacations and good weather and now it has been even worse for most of the companies.
