PartyGaming hit by World Cup betting
ONLINE gaming group PartyGaming said the World Cup had seen some of its punters ditch poker for football.
The company also revealed that it was continuing to pursue takeover opportunities with a number of parties as it reported a two per cent decline in second quarter revenue.
The group, which is reported to have held merger talks with Austria’s bwin said the World Cup as well as the summer weather had seen its online poker games attracting fewer players.
Revenues at its PartyPoker card room will be up to 13 per cent below the previous three months due to the impact of the tournament as well as warmer weather, it said.
PartyGaming chief executive Jim Ryan said: “Whilst progress on consolidating the online gaming industry has been slower than expected, we remain committed to playing an active role and are continuing to pursue opportunities with a number of parties.”
Analysts say the online gaming industry is ripe for consolidation and a mooted deal between PartyGaming and bwin had been seen as a potential catalyst for a wave of takeover activity in the sector.
PartyGaming, which operates the PartyPoker and PartyCasino sites, said overall trading had been in line with the board’s expectations despite the summer weather and the World Cup providing alternative attractions for gamblers. Market expectations for full-year earnings before interest, tax, depreciation, and amortisation are estimated at £89.2m.