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PartyGaming Shares Jump

UNITED KINGDOM – As reported by Bloomberg: "PartyGaming Plc, the world's largest online poker operator, expects full-year profit to exceed analysts' estimates after customers played more poker and started trying new casino games such as blackjack. The shares jumped.

"Daily poker revenue increased 14 percent to $2.67 million in the two months ended Nov. 30 compared with the average for the previous quarter, Chief Executive Richard Segal said today on a conference call. Daily casino revenue was as much as seven times higher than the average for the third quarter at $1.2 million after the company introduced blackjack on Oct. 8, he said.

"…PartyGaming is returning to favor with investors after signs of a slowdown in revenue growth caused its stock to drop below the price of June's initial public offer. Investors applied for three times more stock than was available in the $1.9 billion share sale on expectations that the popularity of online poker will spur growth in an industry that's expanded 10- fold in three years.

"Shares of PartyGaming rose as much as 10.5 pence, or 9 percent, to 127.5 pence in London and were 125 pence at 9:50 a.m. local time. The stock was sold to the public at 116 pence a share and climbed as high as 176 pence in July. It slid below the IPO price on Sept. 6 as the company said revenue missed forecasts…"

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