PartyGaming eyes US expansion as revenue increases

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Online gaming company PartyGaming has said is getting ready for a return to the USA if legislation banning the industry is overturned, according to Reuters

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The announcement comes as they reported a 27 per cent rise in first quarter revenue.

PartyGaming, which operates the PartyPoker and PartyCasino sites, has said it was encouraged by congressmen Barney Frank and Jim McDermott's moves to push through a new bill to regulate online gambling.

Chief Executive Jim Ryan, told the news agency that he believed the first step would be legalise online poker as it a game of skill and that would open the door to other forms of online gambling being legalised.

"We are seeing increased momentum towards regulating online poker. It's possible that it could happen this year and we're prepared if it does," Ryan said on a conference call.
He also told them that the company had set up operations in LA and was in talks over possible business-to-business deals with U.S. operators.

Meanwhile, in a statement released by PartyGaming Jim Ryan has said their 27 per cent increase in profits was due to “strong increases in all product verticals except poker which fell due to competition from US-facing sites.” The site stopped taking bets from the US in 2006 when online gambling was made illegal but other sites still continue to take bets from the US.

The company said group revenue increased to $127.1 million (£84 million) in the quarter. Casino revenue grew 25 per cent to $51.2 million (£34 million) with poker revenue falling to $47.8 million (£31.7 million) from $53.6 million in the quarter last year.

Looking ahead the group said a key concern is continuing to build on their player base. They said they added over 245,000 new sign-ups during the quarter compared to 199,200 in 2009. This is a 23 per cent per cent increase over the prior year and 15 per cent above that achieved in the previous quarter. This helped to boost the number of daily average players that increased by seven per cent versus the previous quarter with solid increases in each product vertical.

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