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Online Casino Group Scoring Big in Second Quarter
27 Jul 2006
Strategic moves away from the US market is said to be the reason for positive results from online casino group Party Gaming. The online casino group announced second quarter results which included a 49% increase in sales and a sharp increase in revenue. Due to the uncertain future of the American online casino market, Party Gaming has slowly been moving away on reliance on this market. This move seems to have paid off, when examining the company's results.
The Gibraltar-based online casino company said in a statement that revenue increased to $319.3 million from $214.8 million a year earlier. It also said that it was planning to expand into other regions including the Asian online casino market, in order to further reduce its reliance on the U.S. Another indication of this move was the fact that almost half of the company's online casino poker sites customers signed up from outside of the United States.
CEO Mitch Gerber said that growth outside of the United States is his top priority in the coming years. He said that Asia was one of the untapped online casino markets that the company would be investigating, while other newer markets would also be examined. Gerber admitted that if the online casino group wanted to be the leader in the market, they needed to do this on a global level.
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