Bwin reports first quarter gaming revenues up 11%

One of Europe's biggest online gambling groups, Bwin, has posted another positive quarterly report, revealing that net gaming revenues in the first quarter 2009 were up 11% on Q1,2008, and reached €102.1 million.

Other highlights included:

• EBITDA up 39.2% to €36 million
• EBITDA margin on net gaming revenues reached 35%, up from 28% previously. The performance has prompted Bwin to lift its prediction on fully 2009 EBITDA to over €110 million.
• Gross gaming revenues rose 12.5% to €117.6 million, and the company has raised its predicted gross gaming revenues from €435 million to €450 million.
• The company has €70.8 million in cash, up from €53.2 million at the same time last year.

Management reported that the increase in net revenue came mainly from growth in online poker and games, and the sale of Bwin's rights to German football leagues.

On an annual basis, online poker grew 37% to €27.8 million, whilst games rose 27.6% to €5.6 million. Additional revenue streams included the sale of rights to the first and second German Football Leagues in the amount of €7.1 million and totalled €17.3 million, up from €10.6 million in 2008. Sports betting was quiet with growth of only 3% to €53.8 million, and online casino operations declined slightly from €15 million to €14.9 million.

Source: InfoPowa News

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