PartyGaming Still A Leader in Online Casinos
As a testament to the ending recession, PartyGaming has issued a taped interview with its CEO Jim Ryansald. In the tape, Ryansald stated, “We’ve managed the business through a difficult climate and delivered solid results. Revenue was in line with analysts’ consensus.” Although PartyGaming posted a loss for their first two quarters of 2009, they still maintain that this is normal with the state of the economy. Their revenues were down 20% since last year.
Part of the huge loss in revenue is attributed to negotiations with US regulators who have created difficult rules for the online giant to follow. PartyGaming wanted to get through the negotiations so they can focus on their aggressive marketing and advertising. Ryansald added, “The nature of the market is so competitive right now that we want to focus on developing our company into the best possible product for consumers…Our goal is to still be in the top three online poker locations.”
Currently PartyGaming is number three in online poker, bingo and casinos. One strategic move the company made was to purchase Cashcade. By acquiring the company, PartyGaming took over yet another market- online bingo. Many believe that online bingo is the key to gaining a true competitive edge in the industry because not only is bingo highly popular, it also is a widely untapped market. For too long online bingo has gone virtually unnoticed by online casino managers. The number of people playing online bingo is huge and that is a target market that could potentially put PartyGaming beyond its goal of being one of the number three companies in the online gambling industry.
The recession has reeked havoc on many businesses, but online gambling continues to grow. Some online casinos have had a lag in revenue, but they are bouncing back pretty quickly and with the consistently growing number of online gamblers, it’s hard to imagine them not rallying within coming months. PartyGaming is one casino that is trying to set itself up for success and wanting to grow with the market. If the company can sustain their market share by creating an outstanding gaming experience for all online gamblers who visit the website, they can surely mark their place at the top of the list of online casinos.
Tags: Party Gaming
