PartyGaming on track for better profits

PartyGaming, the company that operates online bingo game PartyBingo, says its underlying profit for its overall operations during 2007 will come out ahead of forecasts, a result that has PartyGaming's CEO in bullish mood for 2008.

Mitch Garber said: "We continue to build on the four pillars of our strategy: growing the player base, localising the customer offer and broadening the product base whilst acting responsibly.  These results show that we have built a solid platform for growth... and we remain confident about the Group's future prospects."

ParyGaming revenue climbed to 52% at $120 million in 2007's fourth quarter.  Full-year revenue stood at $448.2 million, a substantial increase on the previous year's $324.7 million.  The average gross daily revenue climbed by 1% in the four weeks preceeeding January 28.

Like many online bingo operators and online bingo halls, PartyGaming suffered huge losses due to the implementation of the Unlawful Internet Gambling Enforcement Act in the US which effectively shut non-US gaming operators out of the US market.  The announced results show the company is on track to compensating for this loss and bodes well for the bingo online and overall gaming industry as a whole.