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Partygaming seeks more mergers and acquisitions

Online gambling group look to more takeovers

06 July 2010

Online gambling group Partygaming is seeking more mergers and acquisitions, it has been revealed.

The firm, who reportedly held merger talks with Austrian based betting company bwin interactive entertainment, are confident of securing future deals.

"Whilst progress on consolidating the online gaming industry has been slower than expected, we remain committed to playing an active role and are continuing to pursue opportunities with a number of parties," said chief executive Jim Ryan.

According to analysts, any takeover deal between Partygaming and bwin could lead to a succession of mergers as the industry is primed for consolidation.

The comments come as Partygaming reported a two per cent drop in second quarter revenue following the impact of the World Cup.

The group's PartyPoker site received fewer visitors as customers turned their attention to the tournament, resulting in a 13 per cent fall in revenue.

There was some positive news for the company as its Partycasino brand recorded a six per cent rise in revenue despite a five per cent decrease in player numbers.

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