Italian Poker Profits Lead to Microgame GainTweet Share
Microgame, the market leader in Italian poker, has announced a year-to-year net profit gain of 151 percent in 2009. The company stated that after the partial regulation of the country’s Internet gaming industry, its profits rose from €11.8m, from €4.7m.
The company announced that its net revenues were up as well, rising 190 percent from €85.7m to €248.7m. Games of skill, such as poker, make of approximately sixty percent of the €1 billion total intake, with the rest coming from horse racing, lotteries and other forms of odds betting.
Company President and Chief Executive Fabrizio D’Aloia announced that efforts the company had undertaken created such strong results. “The launch of poker in cash game version and the casino games, also other new games such as virtual betting and betting exchange, will be introduced to the Italian market by the gaming authority. Microgame is ready to take these important opportunities since we have invested in the new games and entered several important partnerships, which will be announced in the near future,” he said recently in a corporate statement.
D’Aloia stated that private the equity fund Monitor Clipper Partners had invested in Microgame last November, allowing the company to develop “significant investments.” Microgame also finalized an agreement with Dutch television production company Endemol to produce programming that features live poker events organized by the Microgame-owned People’s Poker Network.
Microgame appears to be primed for additional gains in the Italian market. The company controlled nearly 30 percent of Italy’s onshore poker market last quarter, meaning that 2010 could be a very successful year for the gaming giant.