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Slight Drop for Company

PartyGaming has reported that the boom in the online casino gambling industry may be lessening just a bit despite industry-wide predictions that the internet gambling sector will remain untouched by the economic hardships facing the global economies. PartyGaming’s most recent quarterly results indicated that revenues have dropped for the quarter as a result of both competition in the online poker industry as well as a strengthening US dollar which is slowly devaluing the some of the other top international currencies and also putting a strain on even the companies that trade in USD. The first quarter of the year though is not anticipated to be an indicator of the full-year revenues – the PartyGaming online casino gambling group has just finalized the settlement with the US government and plans to move a lot more aggressively within the European market.

Only a couple of divisions within the company really contributed to the drop in first quarter revenues – the online casino division, for example, reported that the average daily casino revenue is up five percent over the previous quarter. Similarly, the sportsbetting division reported some stellar revenue increases of a whopping 19 percent. Online bingo though was not a peak performance throughout the first quarter and reported a drop in revenues of 27 percent (internet bingo in Q4 2008 benefited revenue-wise from a huge bingo event).

Several other divisions within the online casino gambling group are actual back up to top performance and are expected to perform well throughout the coming year. Although the first quarter is off to a slow start, the online casinos operating in the European market are in strong positions to continue bringing in significant revenues throughout the year because of continued growth throughout the UK and European market, particularly Eastern Europe.