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PartyGaming has warned that second-quarter revenues were slightly lower than expected as strong casino sales - boosted by the launch of movie-themed slot machines - was offset by weaker trading in poker. The online gaming operator has been forced to offer higher bonuses to retain customers, blaming heightened competition from rival sites.
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At 217p, the share price is down 23 per cent since our sell recommendation (282p 8 May 2008) which was largely based on the risk of excess supply in poker. Sell.
Last IC View: Sell, 260p, 30 Jun 2008
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
