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04 February 2010

PartyGaming Says to Beat Expectations, by Greg Tingle - 3rd February 2010

Online gambling group PartyGaming said it expected to report 2009 EBITDA slightly ahead of the board's expectations and highlighted the prospects for consolidation in the sector.

The company, which operates online gaming websites like PartyPoker.com and PartyCasino.com, said group revenue for the fourth quarter of 2009 was $132 million (82.3 million pounds), up 32 percent on the prior year and 17 percent on the previous quarter.

It said the key drivers behind the performance were a strong performance in casino and sports betting and an increase in new player sign-ups.

"With some of the world's largest gaming sites in poker, casino and bingo, and opportunities to further consolidate the online gaming sector, we are confident about our future prospects," said Chief Executive Jim Ryan on Wednesday.

PartyGaming has held talks with a number of companies over possible consolidation including Austria's bwin. Analysts expect a wave of M&A activity among online gaming groups over the coming year. The company also announced the appointment of Per Widerstrom, previously chief executive of Mangas Gaming, to the newly created role of chief operating officer.

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