Just a couple days after many online casinos players learned that Empire (online casinos company) was suing PartyGaming, it seems the online casinos company's shares are worth more. The new hike in stock value for the online casinos company is due in part to the fact that it expects its full-year profit to exceed analysts' estimates after customers played more online casino poker and started trying new online casino games such as blackjack.
Daily poker revenue rose 14% to $2.67 million in the two months that ended November 30 compared with the average for the previous quarter. What's more, daily online casino revenue was as much as 7 times higher than the average for the third quarter at $1.2 million after the company introduced blackjack on October 8.
The company says that it is returning to favor with investors after signs of a slowdown in revenue growth caused its stock to drop below the price of June's initial public offer. Investors applied for three times more stock than was available in the $1.9 billion share sale on expectations that the popularity of online poker will spur growth in an industry that's expanded 10- fold in three years.
