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DATE: May 25 2012
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Poker.co.uk - Poker News Archive

Friday 27th November 2009

Bwin on the up despite drop in revenues

Leading online betting and gaming provider Bwin Interactive Entertainment AG has announced its financial results for the third quarter of 2009 showing a 0.4 percent year-on-year drop in net gaming revenues to €83.3 million. Although this figure was virtually unchanged compared to last year’s €83.7 million, Bwin stated that the decrease was mainly down to customer acquisition and reactivation measures particularly in connection with its new poker platform. It revealed that it was also hurt by an increase in betting duties caused by the rise in the volume of online gaming in Italy. The Vienna-based firm reported a 75.3 percent increase in earnings before interest, tax, depreciation and amortisation to €16.8 million coupled a result after tax of €7.9 million, which is significantly better than last year’s deficit of seven million Euro. Looking to the future, Bwin stated that it expects gross gaming revenues for the current financial year of between €435 million to €450 million with earnings before interest, tax, depreciation and amortisation of €110 million. “Management is optimistic about the coming year and the period thereafter due to the positioning of the company as a market leader in the booming Italian online gaming market and new product launches in Italy as well as the regulated opening up of the French gaming market in the foreseeable future,” read a statement from Bwin. “Based on the gross gaming revenues of over €570 million forecast for 2010, management anticipates an adjusted earnings before interest, tax, depreciation and amortisation of more than €150 million.”

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Source: OnlineCasinoNews

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