Despite the reports that reflect growing uncertainty and, dare we say it, pessimism about Party Gaming's future vis a vis the London Stock Exchange, last week Party Gaming released good news for a change, leading some supporters of the online casino company and its floatation to thumb their noses at critics who seemed almost overjoyed at the travails of the online casino and online poker giant. Party Gaming reported a 32 percent rise in revenues, to $220 million compared to the same period last year for the online casinos company (the three month period leading up the 30th of September).
"Launching a new platform and introducing new features for our Party Poker online poker franchise has had a significant and positive impact and, since the launch, daily gross poker revenue - excluding skins - has increased by 10 percent versus the average for the third quarter," Party Gaming CEO Richard Segal added. Previous reports had seemed to point to lower wagers, equaling lower revenue, and shares for the online casino company had dropped to alarming levels, nearly wiping out the many gains which had been made following the offering of Party Gaming's online casino related IPO on the London Stock Exchange months ago.
Party Gaming currently has a hold of 51% of the online poker gambling market, according to some estimates. The company also offers Party Bingo, which has grown in popularity in the UK as online casino bingo gambling has grown in immense popularity in recent years. As far as online casino companies go, Party Gaming definitely has a corner on the market but if Party Gaming's earnings forecast which came off as a warning earlier this year caused a downturn in share prices, the positive effects of this recent announcement could result in more online casino companies releasing IPOs in the near future.
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