Things are getting better says Party Gaming

[jetset]

PARTY GAMING SAYS POKER REVENUES RECOVERING

Only weeks after the US ban and its withdrawal from the American market, Party says things are looking up

PartyGaming said this morning (Thursday) that its daily online poker revenues had recovered to $721 000 (GBP 366 000) after falling to a daily low of around $637 000 after the United States banned Internet gambling in October.

But the online gambling group said it had been hit by the defection of some of its bigger gamblers outside the United States to privately owned poker Web sites that were ignoring the ban.

"Overall yield per active player day has been affected by the loss of higher-raking players, but this has been partially mitigated by strong levels of new player sign-ups that have averaged over 1 400 per day," a spokesman told Reuters.

The group now takes 67 percent of its revenues from Europe, the Middle East and Africa, and 27 percent from Canada and Central and South America.

Following the U.S. ban, PartyGaming cut 945 jobs, or 41 percent of its workforce.

The company said that excluding sports betting, overall daily revenue during the four weeks to December 11 averaged approximately $921 000 and overall player volumes have averaged about 52 000 active players a day. . In sports betting, its recently acquired Gamebookers unit averaged daily gross win of approximately $65 000 since it was bought in August.

As at 30 November, PartyGaming had total net cash of over $46 million. Results for the year ending 31 December 2006 will be made available on 1 March.

[dominique]

but this has been partially mitigated by strong levels of new player sign-ups that have averaged over 1 400 per day," a spokesman told Reuters.

This part is complete fluff. To give any meaning to it one would need to know the conversion rate of signup to depositing player. This can be very, very low, especially in markets that are not used to managing money online.