Paradise Poker, the US-focused firm bought for GBP 169m by Britain's Sportingbet last autumn, had turnover of $37.2m (GBP 19.7m) in the seven months to July 2004, and profits of $21.3m. And, in recent months, Paradise's aggregate monthly rake and tournament fee revenue has risen to over $7m and it is reported to have over 721,000 registered customers and over 97,000 active players.
PartyGaming, the sector leader with a share estimated at 50% of the overall market for its Partypoker offshoot, is believed to have made profits before interest, tax, depreciation and amortization of more than $350m in 2004. If it floats on the London Stock Exchange, as it is considering, it would be likely to command a market value of more than GBP 2bn and be a candidate for inclusion in the FTSE 100 index.
And Online gaming revenues in the Asia-Pacific region will reach $1.84 billion by 2008, according to a recent report from IDC. Overall, online gaming subscription revenues in the Asia-Pacific region (excluding Japan) are projected to more than double by 2008 to $1.84 billion from $760 million in 2003.
Mitch White, CEO of CYOP, stated, "recent reports have Chinese Internet users spending an average of 12.3 hours per week online with gaming and entertainment being the second most popular online activity. Combined with reports that China expects it will have a total of 120 million Internet users by the end of 2005; a 28% increase from the 94 million users in 2004. If the numbers bear out, China will have the second largest number of Internet users, after the US. And given the propensity for online games, Poker is a perfect fit."
About CYOP
CYOP is a developer and provider of online skill-games and services for the online entertainment and gaming industries. CrediPlay, CYOP's licensed application, is an online transaction platform that is based on charging a fee for each game of skill played over the Internet. CYOP's central games portal, www.skillarcade.com, features virtual games where people play popular skill games against other players and compete in tournaments to win real money prizes.
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