Online Casino Firm Predicts Glowing Results
27 Apr 2006
Industry analysts currently expressing cynicism about the future of online casino poker need look no further than Party Gaming's first quarter update for proof that the poker bubble continues to grow. The online casino firm has recently added blackjack and backgammon to its site, proving that cross-selling is a key ingredient for success in the increasingly competitive online casino market.
Forecasts by Dresdner Kleinwort have already predicted that the online casino firm's first quarter revenue will hit $324.8 million dollars, an increase of 46 percent against the previous year and up 5.1 percent on the fourth quarter. For online casino poker alone, Dresdner predicts revenues of $250.2 million dollars, up 19 percent from last year. Online casino gaming is expected to yield around $74.6 million.
Industry analysts have pointed to Party Gaming's successful strategies at attracting and retaining customers and its decision to cross-sell online casino products as key to the firm's success. The online casino firm began a major shift away from the U.S., its traditional source of revenue, last year under previous chief executive Richard Segal. Party Gaming has now established itself in the European and Scandinavian markets and is developing its product line in a range of international languages. Its share price on the London Stock Exchange surged again a fortnight ago after the firm announced the introduction of online backgammon onto its site.
