PartyGaming
Share Slips After Slow Sales
 Sept 1 - The world of online gambling can be extremely
fickle as even the world's largest online poker operation
PartyGaming Plc, recently found out when its share price on
the London Stock Exchange (LSE) dropped after a four-week lull
in online poker sales.
PartyGaming, which owns and operates the highly
successful poker room
PartyPoker.com, reported that its average gross daily
revenue across its online poker gaming operations dropped from
$855,300 to $815,400 in the last four weeks ending August 25th.
The Gibraltar-based company confirmed that its average daily
casino revenue fell by 12 percent in August compared with July,
which has had a direct effect on the company's LSE share price.
On Friday last week, PartyGaming's share dropped by 4.25 pence
to end at 209.25 pence.
This year PartyGaming's stock has dropped by an overall 28
percent, while one of its largest competitors 888 Holdings Plc -
owner of Casino-on-Net and Pacific Poker - which is also listed
on the the LSE, reported an increase of 4.4 percent during the
same period.
In response to its drop in share price, a PartyGaming
spokesperson confirmed that the company is facing stiff
competition from its rivals that are still accepting wagers from
the United States, even though online gambling was banned in the
country in October 2006.
Said PartyGaming CEO Jim Ryan, 'Our trading since June 30 has
been in line with management's expectations, except for poker
which continues to be slightly softer than expected. We are
currently looking at a few acquisition opportunities in Europe
although nothing as yet has been finalized.
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