Gambling sites beat the slump
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[August 26, 2008]

Gambling sites beat the slump

(Daily Mail (London) (KRT) Via Acquire Media NewsEdge) Aug. 24--As the downturn deepens, the attraction of a flutter is increasing, with online gambling firms set to show improved performance in their interim results this week.

According to investment bank Dresdner Kleinwort, PartyGaming will post half-year profits of ?23 million on the back of a 20 per cent leap in revenue to ?137.6 million.

Its casino accounts for 38 per cent of the group's revenue, compared with 14 per cent a year ago.

Rival 888 has already said its first-half revenue grew to ?72.8 million, against ?52.5 million, and profits are forecast by broker Evolution Securities to rise to ?14 million from ?10.2 million.

It launched bingo site 888Ladies and 888Sport for betting on sports.



Bookmaker Paddy Power, which has its own online operation, is set to report robust interim results on Wednesday and may accelerate plans to add to its 67 UK shops.

To see more of the Financial Mail on Sunday, or to subscribe to the newspaper, go to http://www.financialmail.co.uk.



Copyright (c) 2008, Financial Mail on Sunday, London
Distributed by McClatchy-Tribune Information Services.
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