Now that’s what I call a profitable business! Recently, the Gibraltar-based online casino operator PartyGaming has announced that its revenues for the first quarter of the year have risen by 21 percent. Surprised? Me neither! Judging by the amazing turnouts things can have in the online casino industry; this is definitely not going to be the only piece of news of this kind we’re going to hear about!

Anyways, here’s what really happened! The fellas at PartyGaming have stated that revenues rose to $128.9 million for the first three months of the year, up from $106.2 million in 2007 and six percent higher than the previous quarter.

Besides that, media sources have reported that all this was possible due to large part of a 45 percent year-on-year revenue growth to $43.5 million, for its online casino operations. It seems that most of these massive revenues were mostly gained from poker, rising 13 percent to $80.7 million, while sports betting revenues were up four percent better at $4.7 million. So, I suppose poker still kicks asses more than some crap betting on silly stuff does.

Even with such massive revenues, the company has also revealed that the total average gross daily revenues fell by one percent for the four weeks ending on Monday to $1.75 million, reflecting the start of the ‘seasonally quiet period of the year’. However, they said nothing about whether this was good or bad for the future.

According to onlinecasinonews.com, the Chief Executive Officer for PartyGaming, Mr. Mitch Garber said:  “As we enter the seasonally quiet period of the year, the business is performing well and there are a number of exciting developments in prospect. Over the next few months we will open our licensed Italian business, introduce a number of new branded online slot machines and launch a completely new product vertical. We remain confident about the group's prospects for the full year.”

In addition to all this surprisingly honest revenue disclosure, the company has also announced that over 171,000 real cash sign-ups were added during the quarter, 30 percent lower than last year’s 244,600. PartyGaming itself motivated this due to an aggressive marketing campaign to boost player liquidity in the first quarter of 2007, following the enactment of the worldwide “infamous” Unlawful Internet Gambling Enforcement Act.

The same sources said that PartyGaming actually mentioned the total number of real money sign-ups was 14 percent above that achieved in the fourth quarter of 2007 and was driven by the launch of marketing campaigns for PartyCasino.com and PartyBets.com, as well as solid growth in poker sign-ups.

Should we suspect some troubles in the casino paradise already? We shall see about that!

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