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Bwin H1 results: revenues and margins up, sportsbetting the star

The Vienna-listed online gambling group Bwin released its H.1 2008 numbers this week, showing soaring gross gaming revenues for the first half 2008, which rose 25.6 percent to €207.2 million (H1:2007 €165 million). Sportsbetting gross gaming revenues were especially positive, rising 37 percent to €119.8 million with margins at an impressive 8.3 percent.

Group EBITDA rose to €36.5 million, up €2 million from the same period last year, thanks to an active customer base that grew by 31 percent to 1.43 million accounts, 550,000 of them new active real-money players (up 45.6 percent)

The company revealed that its new gaming portal had performed satisfactorily, helping to deliver Q.2 revenues that were up 35.8 percent on Q.2 2007 and reached €102.7 million. During Q2 sportsbetting revenues jumped 58 percent to €59.3 million, with margin at almost 8 percent.

Net gaming revenues (NGR) were up 32.7 percent to €88 million, with sportsbetting contributing €50.4 million, although poker NGR was less attractive, declining 5.4 percent on last year’s figure to €18 million. Online casino NGR climbed 13.7 percent to €15 million and other games were up 56.3 percent to €4.6 million. EBITDA for the quarter was €10.6 million, an increase of €700,000 over the comparable period.

Despite the successes, after tax results showed a loss of €6.7 million, compared with a loss €5.6 million in 2007.

The company revealed that marketing expenses rose to €37.6 million, with marketing expenditure per new active customer reduced to 12.2 percent or €166.3 - including bonuses. Gross gaming revenues per active customer fell 5.9 percent compared to 2007, with the new b'inside loyalty program performing well.

Source: InfoPowa News

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