Feeds

Poker shares dip

Market won't bet on cards...

Providing a secure and efficient Helpdesk

PartyGaming - the company behind the world's largest poker website - saw its shares dip sharply this morning despite posting an 81 per cent increase in turnover. Investors are worried that online gambling will not continue its current rapid growth.

The company, which floated in June, brought in $437m in the six months to 30 June 2005. Poker brought in $412m of this while the company's casino website made $25.4m. Ebitda before share option and IPO costs was up 70 per cent to $258m.

PartyGaming said in a statement that it expects growth to slow. Operating margins also fell as the company began to face competition in some countries.

The news pushed PartyGaming shares lower in pre-market trading. At the time of writing shares on the London Stock Exchange were down 23 per cent to 120p.

The other cloud hanging over the company is possible legal restrictions, especially in the US. Revenues from outside the US make 14 per cent of the total, up from 12 per cent last year. The company said it continued to monitor the regulatory environment particularly a possible bill before the US Senate and US reaction to recent WTO rulings calling for the US to open up to off-shore internet gambling operations.

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.