Online gaming group PartyGaming reported a 47 percent increase in
its first-half profit this week and revealed that recent acquisition,
Gamebookers was exceeding expectations.
Reuters reported that Party Gaming Chief Executive Mitch Garber said
the main focus was expanding internationally to reduce the group's
dependence on the risky U.S. market, where some politicians are trying
to ban online gaming. "The most fundamental part of our
strategy is to develop our non-U.S. business," he told
reporters.
"Efforts to drive our existing business include ... the
development of strategic partnerships that provide access to new geographic
markets," he added. "I hope to be able to say
more on this over the coming months."
Revenues from outside America had increased 151 percent as the group
continued to reduce its dependence on the US gambling market.
The owner of the PartyPoker and PartyCasino Web sites said first-half
underlying earnings before interest, tax, depreciation and amortization
(EBITDA) rose to $380 million (GBP 202 million) from $257.7 million
a year earlier.
Garber also told reporters that Europe-focused sports betting business
Gamebookers, which PartyGaming bought for Euro 102 million ($131 million)
last month, was doing better than expected. "It's everything
I'd thought it would be and more," he said, adding that
cross-selling of Internet gaming between Gamebookers and other Party-branded
sites had not even started yet.
"On a standalone basis, without cross-promoting, it's over-performing,"
he said.
When asked whether he was bidding for Victor Chandler, which bankers say could fetch 300 million to 400 million pounds ($565 million-$750 million), he said: "No. Definitely not."