PartyGaming The Latest to Report Poor 2009 Showing
With Sportingbet a bit of an exception to the rule, online poker's 4th largest network, PartGaming, reported a poor showing in 2009 with numbers down to $135.0 million from $144.2 million the year previous.
Party blamed declining poker operations and currency effects. The later should continue to cause problems for the bookmakers and poker sites as the Euro struggles.
The Gibraltar-based company which operates Web sites including PartyPoker, PartyCasino and PartyBets delivered an upbeat outlook, saying it made a "solid start" to 2010 and is "confident" about its prospects even though the macroeconomic environment "remains uncertain".
Chief Executive Jim Ryan said "2009 has been a tough year, but I believe it has been a year when we have made significant progress. " He said PartyGaming's business model "continues to generate strong cashflow".
The results and outlook prompted the stock to rise, after early trading losses. At 1155 GMT, PartyGaming shares were up 1.5% at 308 pence, valuing the company at GBP1.26 billion. The stock has risen 46% in value over the past 12 months.
Ladbrokes, Paddy Power and William Hill had all reported drops in profit this past week.
Jagajeet Chiba, Gambling911.com
