PartyGaming Announce Profits

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PartyGaming has announced that it is eyeing further expansion following the news of its merger with bwin which will create the world’s largest online gaming company.

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In a statement announcing that it had made a profit in the first half of the year Jim Ryan, PartyGaming Chief Executive Officer, has said:

“As one of the largest players in the sector we remain committed to continue playing an active role.”

The company increased its profits by 30 per cent to 181.2 million euros (£150.2 million) in the first half of 2010.

While poker revenue suffered as a result of the World Cup PartyGaming’s profits were boosted by good casino and sports betting takings as well as acquisitions including the Cashcade bingo business.

Last week they announced that they will be merging with Bwin to create a company worth $4 billion at current share prices. It is a move which Jim Ryan has described as “a transformational opportunity for the Group”.

They have also revealed that will continue to push into newly-regulated territories such as France, where online gaming licences for sports betting and poker were issued for the first time in June 2010. And of course they will continue to eye possible expansion into the US market if the country decides to allow the regulation and licensing of online gambling.

Meanwhile, it has been revealed that 888 have been contacted by rival firms wanting a merger after PartyGaming and bwin announced that they would be joining forces.

"This puts us in a position in which we are one of the best assets in the field -- we got a few phone calls immediately from various people. Everybody in the industry is looking and saying 'who is the best one to merge with if we need to?'," Chief Executive Gigi Levy said in an interview with Reuters.

He added that "Party and bwin took almost a year to close the deal so we don't see anything happening imminently but there's definitely expressions of interest.”

The merger puts pressure on other groups to sign deals in order to make sure that they do not lose out as online gambling laws are relaxed across the world so the PartyGaming/bwin tie up could be the first of many.

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