Party Gaming, the publicly-quoted parent company of PartyPoker, PartyBets, PartyCasino, and PartyBingo, today release revenue figures for the third quarter 2008 with key business PartyPoker showing revenue decline of 15 percent to $65 million from $76.3 million in the same period of 2007.
In its interim report the company explained the drop, saying the fall reflected “lower yields driven by a reduction in the number of unique active players and their frequency of play.”
Several key performance indicators registered slides year-on-year during the third quarter: active players were down 12 
percent to 5.9 million, daily average players fell 13 percent to 63,900, news real money sign ups were 10 percent lower at 137,600 and average daily revenue was off 8 percent at $1.3 million.
The company said the appreciation of US dollar impacted revenues but benefited costs.
It was not all bad news for the company as its diversification into casino, bingo, and sports helped shore up total revenues which were broadly steady at $117.8 million from $118 million in the third quarter last year.
Casino revenue jumped 25 percent to $45.9 million, sportsbook revenue was up 19 percent to $5.1 million, and bingo revenue leapt 143 percent to $1.7m.
Chief executive officer Jim Ryan said, “We are making solid progress on executing our strategic plan, albeit against a challenging economic backdrop and strengthening US dollar… The substantial appreciation of the US dollar has adversely impacted our revenues but has had a corresponding benefit on our costs, most of which are incurred in Euros and Sterling.”
Ryan went on to say the board was confident of delivering full year earnings in line with expectations.
