Partygaming seeks more mergers and acquisitions
Online gambling group look to more takeovers
06 July 2010
Online gambling group Partygaming is seeking more mergers and
acquisitions, it has been revealed.
The firm, who reportedly held merger talks with Austrian based
betting company bwin interactive entertainment, are confident of
securing future deals.
"Whilst progress on consolidating the online gaming industry has
been slower than expected, we remain committed to playing an active
role and are continuing to pursue opportunities with a number of
parties," said chief executive Jim Ryan.
According to analysts, any takeover deal between Partygaming and
bwin could lead to a succession of mergers as the industry is
primed for consolidation.
The comments come as Partygaming reported a two per cent drop in
second quarter revenue following the impact of the World Cup.
The group's PartyPoker site received fewer visitors as customers
turned their attention to the tournament, resulting in a 13 per
cent fall in revenue.
There was some positive news for the company as its Partycasino
brand recorded a six per cent rise in revenue despite a five per
cent decrease in player numbers.