Apr. 30th, 2008

peterbirks: (Default)
Party Gaming continues to be run by donkeys who don't understand online poker and who, as a result, are frequently the victims of the law of unintended consequences.

From this morning's interim management statement:
Poker revenue grew by 10% versus the previous quarter and 13% versus the prior year, with growth held back by the impact of changes made to the Group's PartyPoints loyalty programme part-way through 2007 that resulted in higher than expected fair value adjustments to revenue (14.6% of gross poker revenue in the first quarter of 2008 versus 11.4% in the comparable quarter of 2007). Our new loyalty programme was launched yesterday and whilst slightly later than planned, is expected to result in fair value adjustments to revenue reverting to previous levels by the end of the first half of 2008.

Which means, however you want to look at it, that players participating in loyalty programmes are going to get less back.

Of course, Party hasn't actually told the players that they are going to be fucked (and a 3 point cut is going to be a fairly lumpy hit). They just tell the shareholders and the regulators. So, do they expect the players not to be shareholders as well? The least they could do is to announce "changes" to the system, rather than hope no-one will notice.

Twats. Share recommendation. Sell.

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