PARTYGAMING has released its financial results for 2010

PARTYGAMING has released its financial results for 2010 showing a 15 percent rise in total revenue to Ђ357.3 million despite a nine percent year-on-year drop in revenues from virtual poker to Ђ124.8 million.

PartyGaming is planning to merge with fellow operator bwin Interactive Entertainment AG later this year and announced that its boost in total revenues was helped by a rise in earnings from its online casino activities from Ђ136.3 million to Ђ151.4 million.

In addition, PartyGaming revealed that revenues from sportsbetting for the twelve months rose year-on-year from Ђ13.2 million to Ђ20.8 million while those from online bingo were up to €51.4 million from €22.8 million in 2009.

All of this saw the firm post earnings before interest, tax, depreciation and amortisation for the year of €100.2 million, which was a seven percent rise when compared to 2009's results, alongside a profit of €38.9 million compared to last year's loss of €18.5 million.

"During 2010, the group delivered on a number of its strategic objectives, the most significant of which was the announcement of our transformational merger with Bwin, the world's largest listed online sportsbetting business," said Jim Ryan, Chief Executive Officer for PartyGaming.
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