PartyGaming 3Q Revenues Up

PartyGaming reported Thursday that third quarter revenues increased 24 percent over the same quarter a year ago.  Net revenue for the quarter was $115.7 million, or $1.26 million on average per day. 

Poker revenue from its flagship brand, Party Poker, was actually down 3 percent to $74.8 million, but casino revenue was up 158 percent to $36.7 million, and sports betting revenue was up 91 percent to $4.2 million. 

Even though the third quarter is typically slow in the online gaming industry, largely because the warmer weather for most of the customer base takes people outside and away from their computers, revenue was up 5 percent from the second quarter (3 percent each for poker and casino, 100 percent for sports betting).   

Yield per active player was actually down 14 percent from the same quarter last year, mostly because the UIGEA and Party’s subsequent closure to U.S. customers caused the company to lose many high-yield players.  Additionally, new player signups were down 14 percent versus the third quarter of 2006 and down 18 percent versus the previous quarter.  However, new signups on the year have been strong and are 44 percent ahead of the first nine months of 2006.