by Ryan D. Jaeger
Party Gaming, one of the industry's leading online gambling operators,
announced a 32% increase of revenues in its fourth quarter - thanks to one
single jackpot winner.
While huge jackpot wins usually wipe a significant part off an operator's
revenues, this time it was the other way round.
The player, who grabbed a £3.1 million jackpot at Party Casino, withdrew
£1.3 million of his windfall and promptly squandered the other £1.8
million in the slot machines without winning anything.
It was through this sudden boost of extra revenue that Party Gaming was able
to post results showing that its fourth quarter revenues were up a third.
The funds secured by Party Gaming ensured a profit margin of £87.2 million
across the four gaming divisions - poker, casino, bingo and sports betting.
The company said that it was still in "active discussions" with a number of
groups as it pursues its Merge and Acquisition strategy.
It is generally believed that Party Gaming will enter into an agreement with
Austrian gaming giant, bwin to create one of the biggest consolidations the
industry has seen in a long time.
As one analyst, Nick Batram put it: "Party Gaming is a major player in a
global growth market that is seeing significant corporate activity."
"We do not underestimate the complexities of undertaking a major deal but
even a strategic partnership with an operator such as bwin could realize
significant value," he said.
Party Gaming also announced the appointment of former Mangas Gaming Chief
Executive Officer, Per Widerstom to be the company's new COO.
This will allow Chief Executive, Jim Ryan, to focus on M&A activities.
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