Enlarge image LONDON (Reuters) - Online casino PartyGaming
But its shares fell 23 percent in pre-market trading after the online casino said the rate of growth in the online gaming market continues to moderate. "The statement is cautious and conservative," said one trader.
Revenues were $437.4 million (237.6 million pounds) in the six months to June 30, said PartyGaming, which floated for 4.6 billion pounds in June in the biggest UK initial public offering for five years.
The bulk of revenues came from its poker games, which increased revenues by 89 percent to $412 million, most of it from the United States.
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The group said its PartyPoker network had shrugged off increasing competition from rival online poker sites, and now had a 40 percent market share of online poker tournaments.
Since floating, the owner of PartyPoker, StarluckCasino and
PartyBingo has soared in value to 6.2 billion pounds, taking it
past British household names like British Airways
But Chief Executive Richard Segal sounded a note of caution over future growth.
"As expected, whilst the online gaming market and poker in particular continues to show strong year on year growth, the rate of growth is continuing to moderate," he said.
The group’s outlook statement said: "Retention rates and player yields continue to decline, albeit at rates that are greater than anticipated, as more casual players are attracted to the player pool," it said.
Revenues grew 77 percent in the United States, a market threatened by possible government moves to clamp down on internet gaming, and by 110 percent throughout the rest of the world.
It’s online casino StarluckCasino has been launched as a game for mobile phones, it added.
Shares in the group closed at 156-3/4 pence on Tuesday.
