Party Gaming are confident of a good year ahead despite disappointing figures for Party Poker. Revenue in total is up 21% for the first quarter of 2008 with 12% increasing in the poker operation, following a poor final quarter in 2007 largely due to an unexpected VIP bonus payout change.
But average revenue was down 1% in April with poker revenue as much as 8% weaker. The average number of players was down 1% in this time despite daily active players being up 12% year on year. This comes at a time that the iPoker network has leapfrogged the former market leader in terms of the number of average real money players at the tables.
"It is difficult to assess exact reasons for this, but clearly some initiatives to stimulate business have not produced the results that had been anticipated," said a spokesman.
Party Casino income was ahead of forecast, up 9% with a 59% increase on the fourth quarter on new depositing players. The relatively new sports book has also shown signs of growth, with an 18% increase in the amounts wagered.
Although these results may be disappointing for shareholders, Party Poker remain a major force in online poker. Right now they are playing an integral part in the live and TV tournament scene in Europe, the Party Poker Million VI sets sail this weekend and they have the monopoly on European studio format poker shows.