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21.10.2005 A few weeks ago, Party Gaming CEO Richard Segal sent his own shares diving and threw online gaming stocks into turmoil with pessimistic comments about the poker market, followed by the group's announcement that it intended to exclude its "skins" and go it alone. It was a different picture today, as the company released its latest - very positive - numbers. Announcing a 32 percent rise in revenues to $220 million (GBP 124 million) since the same period last year (the three months to 30 September), Segal said he was "...confident about the group's prospects."
Coming on the heels of the excellent performance reported by Sportingbet, his confidence should help create a more realistic investor perspective of the industry.
The demand for internet gambling has continued to drive growth despite concerns that earnings would slip after Partygaming stopped letting players from rival websites gamble at its poker card tables.
Party Gaming (owner of Party Poker )had warned that growth could be less than many analysts had predicted. Instead, the results have proved favourable.
Adding to Segal's optimism was evidence that poker players were using the company's casino games - such as blackjack and roulette - more than had been expected.
On the release of the results, investors in Party Gaming enjoyed a little relief, having seen their shares decline by over 40 percent since the IPO in July - shares jumped 6.25 pence, or 8 percent, to 84.25p in early trading in London.
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