PartyGaming Seeks Further Acquisitions
PartyGaming the online gaming organisation who we recently reported had formed a major tie up with Bwin has announced that it has intentions for further expansion.
Yesterday PartyGaming announced that it intends to continue with additional deals in the wake of its merger with Bwin, the Australian gaming organisation. That deal alone turned the joint enterprise into the largest online gaming and poker organisation in the world. It is anticipated that this tie-up will be formalised early in 2011 after which time PartyGaming will be eyeing up further targets for acquisition.
Recently PartyGaming has been enjoying rapid growth and in the first six months of this year it increased its revenue by almost a third hitting over £150 million. This was helped by an increase in the sports betting and the online casino income along with acquiring Cashcade, an important online bingo provider.
Changing in the French gaming laws have also helped the company and other European countries are also expected to open up their gaming markets. PartyGaming is now very well placed to make full advantage of these developments.
Of course the big prize will be the USA. It seems increasingly likely that the existing US gambling laws forbidding online poker and gambling will be overturned. The US market is thought to be worth £26.5 billion.
PartyGaming, which owns Party Poker, was forced to relinquish its interests in America in 2006 but now it is positioning itself for a change in the legislation which is anticipated in the aftermath of the mid term elections.
The company also reported that there was a decline in poker revenues during the World Cup but they have now returned to previous levels. PartyGaming is booming.