PartyGaming PLC today released buoyant trading figures for year-end December 2007, with adjusted net revenue up 41 percent to $457.8 million in 2007 from $325 million in 2006. Party’s performance, while still significantly impacted by the Unlawful Internet Gambling Enforcement Act (total unadjusted revenue was down 57% from $1.1 billion in 2006), still flourished as the company’s non-U.S. business expanded.
PartyPoker.com remained the dominant revenue driver, up 10 percent to $295.0 million from $268.4 million in 2006. The company described this performance as “strong” given that “a number of factors that impeded growth during the year, including the migration of a number of high-value players to competitor sites that continue to accept players based in the U.S., strong cross-selling of the Group’s other gaming products to its poker customers, which consequently reduces the amount of time they spend on poker, as well as the Group’s decision to cease taking bets from customers in certain jurisdictions following regulatory developments in those markets.”
The casino business expanded rapidly, up 188 percent to $146.7 million from $51 million at the end of 2006. This growth was assisted by the acquisition of certain casino assets from EOL and IOG in January 2007, as well as a substantial improvement in the quality of the Group’s PartyCasino software.
Sports betting also grew strongly in 2007, 188 percent to $16.1 million in 2007 from $5.6 million a year previously.
The number of players at the site also expanded strongly. Total unique active players for the year to Dec. 31, 2007, jumped 53 percent to 1.1 million, while the average number of daily players increasing by 67 percent to nearly 78,000.
The company’s full annual report can be viewed here.
