PartyGaming hails international growth
Party Poker owner PartyGaming said today revenues outside America had increased 151% as it continued to reduce its dependence on the US gambling market.
The company, which is listed in the FTSE 100 Index, saw first-half revenues to June 30 hit $661.9m (€517m) compared to $437.4m (€341m) last year.
But it highlighted a boost in turnover away from the United States which lifted to $149.8m (€117m) from $59.8m (€46.7m) in 2005.
The firm said it was looking to reduce its dependence on the US market and shift a focus overseas with the proposed launch of new multilingual versions of its websites.
Online betting firms are facing an uncertain future in America as Congress discusses whether to consider a law addressing the scope of internet gaming.
Chief executive Mitch Garber said: “These results demonstrate the strength of our business model and also the potential to grow business through investment and the development of new products and new territories outside North America.”
PartyGaming said its pre-tax profits for the six months almost doubled.
The boost came as the firm added 519,532 new customers with 43% signing up from outside the US. There are now more than 19 million players registered.
The company said acquisitions were likely to form a key part of the group’s strategic development as it looked to “spread aggressively”.
Mr Garber admitted to concerns about the regulatory uncertainties surrounding internet gambling, but was confident about the group’s full year prospects.
He said: “The recent additions of backgammon and an exclusively non-US facing sportsbook should add momentum to our expanding international revenue base, assisted by the forthcoming launch of multi-lingual versions of our games and marketing initiatives in a number of new territories.”
Online gaming stocks have been volatile in recent months following the racketeering charges laid against BetonSports and its chief executive.
