Casino and sports betting help PartyGaming profits
The rise of online betting shows no signs of peaking.
Today PartyGaming unveiled a 32 per cent rise in fourth quarter sales which allowed it to predict that profits for the year will be at the top end of the board's expectations.
The company's shares rose 9¼p to 294¼p as a result. Sales rose to $132.2 million (£82.6 million) in the three months to the end of December.
This rise was helped by two acquisitions and a strong performance in its casino division which offers online games like slot machines, blackjack and roulette.
PartyGaming derives most of its revenue from online poker and casino games and has a smaller sports book and bingo business.
Numis analyst Andrew Wade reckons this performance should position the company well for any merger and acquisition discussions, "as well as confirming it as an attractive partner for state and private companies wanting to enter new markets".
Indian billionaire Anurag Dikshit sold his remaining stake in PartyGaming for £105 million last month, ending his involvement with the firm he helped found.
It was Mr Dikshit's second share sale in four months. He made £188 million last October, bringing the total he has made from share sales to £700 million.
