PartyGaming Plc (LSE: PRTY) released their interim management statement for Q3 performance, which showed an 11% increase in total revenue which was largely driven by the newly acquired Cashcade, which recorded $13.8m in the quarter. PartyGaming state that it is confident about the Group's full year prospects.
PartyGaming’s sports betting revenues are also improved considerably rising 31% on the last quarter, to $4.2m with improved gross win margins despite poor sporting results. The group’s Casino operation increased revenue 2% on the previous quarter mainly due to higher player yields.
According to the management statement the Poker operation remains challenging from a competition perspective. Poker revenues of by 8% in the quarter, with higher player numbers offset by lower yields.
PartyGaming CEO, Jim Ryan commented on the group’s third quarter performance and reiterated the Board’s confidence going forward;
"Performance in the seasonally weak third quarter was in line with our expectations, with revenue up 11% versus the previous quarter ... the addition of Cashcade transformed our presence in the $1.5 billion online bingo market and was the driver behind the substantial increase in our bingo revenue ... The important fourth quarter has started strongly, as expected, and we remain confident about the full year outlook."