Party Gaming Sees Big Bingo Revenues After Cashcade Takeover

Party Gaming’s bingo division, Party Bingo, has reported a revenue increase of 36% (€13.1 million) for the third quarter of 2010. This has been largely due to the company’s recent acquirement of the bingo provider, Cashcade.

Like many online gaming companies, Party Gaming took a hit after new regulations in France meant it had to pull out of the country. Poker was down 5% (to €29.6 million) when compared to the same quarter in 2009, but sports betting was up an astonishing 86%, as a result of the World Cup in South Africa.

However, Bingo did take a slight knock during this period, as daily revenues were down 2% (to approximately €142,300) from the previous quarter.

"Total revenue was up by 9 per cent year-on-year with growth in all products except poker, despite the impact of having closed our French casino business at the end of June 2010," said Jim Ryan, Party Gaming’s CEO. "Excluding French casino, total revenue would have been up by 12 per cent year-on-year, driven by casino growth in other markets, acquisitions and a strong performance in sports betting."

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