Good second quarter boosts bwin's half year results

The Vienna-listed online gambling giant Bwin had some generally good news for investors as it released its second quarter and half year results this week, reporting a rise in EBITDA of 40%.

Over the first six months of 2009 the Internet gambling group recorded EBITDA of €51 million, 42% better than H1,2008 when €36.5 million was achieved. Second quarter 09 EBITDA was similarly encouraging, rising 42% over Q2,2008 to €15 million (Q2,2008: €10.6 million).

H1 gross gaming revenue rose marginally to €212.7 million (H1,2008: €207 million) but for the quarter dropped 7.3% to €95 million (Q2,2008: €102.6 million).

Betting turnover was 6% up at €1.6 billion in the first six months, and second quarter betting turnover was 2.2% up to €810.9 million.

Sportsbetters did well against the company, resulting in weak margins around 5.9% for the quarter, down from 7.9% in Q2,2008. Gross quarterly revenues from sports declined by 25% to €44.8 million (Q2,2008: €59.3 million) with net gaming revenue slipping 26% to €37.4 million (Q2,2008: €50.4 million).

Poker lessened the impact of the sportsbetting declines, contributing net gaming revenue of €20.2 million - a 12.8% rise from 2008's €17.9 million, but over the group there was a 12% fall in overall NGR to €77.8 million.

Games NGR achieved 23.1% growth to €5.7 million over the second quarter, compared to €4.6 million in Q2,2008, probably due to the launch of a new backgammon platform.

Online casino NGR showed a small decline from €15.1 million in 2008 to €14.6 million this time, attributed to stagnant marketing due to internal responsible gaming considerations.

Active customer numbers reached 1,057,000, slightly down on last year's 1,095,000, with the number of new active customers declining by 15.1% to 251,000.

Management reported on the first few weeks of quarter 3,2009, commenting that thus far gross gaming revenues were 2% higher than Q3,2008 at this time, with sportsbetting marhgins returning to more acceptable margins between 7 and 9%. Management anticipates that its target of €110 EBITDA for the full year 2009 will be achieved.

Source: InfoPowa News

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