Online Poker

PartyGaming revenues increase 21% in Q1 2008

by Poker Team

PartyGaming, the parent company of Party Poker, announced that their 1st quarter revenues for 2008 were up 21% over Q4 of 2007. This was driven primarily from a large increase in their online casino business, which grew 45% from the previous quarter.

Overall this looks good for Party Poker fans as real money sign-ups increased 10% to 130,900. This means plenty of more fish in the sea for average poker players to cash in on. Over 75% of Party Gaming’s business comes from Europe, while European revenues grew 26% when compared to this same time period 1 year ago.

In their report, PartyGaming included some interesting statistics about their company and earnings data. CEO Mitch Garber earned a $6 Million sign on bonus when becoming the Party CEO. His salary is $1.05 Million annually, receives a $787K annual bonus, $179K in “allowances and benefits”, and $7.9 Million in exercising his options for 2007.

One other interesting note, PartyGaming reported that they have about $69.9 Million tied up with payment processors like Neteller. This happened when the UGIEA passed in the US, and Neteller pulled out of the US market. The US government was investigating Neteller and PartyGaming says this money is “at risk” and they are not sure if they will be able to recover the money. If that money gets back to Party Poker, we could see even more increases in PartyGaming’s stock in the future. highly recommends Party Poker as a reputable and exciting place to play online poker. We also have the most recent Party Poker Bonus Code for you to use when you sign up an account.

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