Bwin profit soars 75% over same quarter last year

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The Vienna-listed online gambling group Bwin has posted an outstanding set of third quarter 2009 results, with profit rocketing 75% over the same period last year.

Despite the traditionally quiet nature of the quarter, Q3 EBITDA rose to €16.8 (Q3,2008: €9.6 million) thanks to solid sportsbetting results. Gross gaming revenues rose 5.3% to €101 million, due mainly to a 3.4% increase in sports betting gross revenues to €52.7 million.

Online poker revenues were sluggish, rising only 1.3% to €23.1 million, overshadowed by online casino performance that saw revenues rise 7% to €18.1 million. The group's smaller games division outshone them all with a 36.5% surge to €7 million.

At €83.3 million (Q3,2008: €83.7 million) there was little change in net gaming revenue over the quarter, principally due to the cost of new acquisition and retention measures involved in the launch of subsidiary Ongame's new P5 poker platform and higher betting duties following the encouraging growth of online gaming in Italy.

Betting turnover from betting, poker, casino and games in the third quarter was up 8.2% to €790.9 million (Q3,2008: €730.8 million) This was achieved through an 8.3% rise in sports betting turnover to €742.6 million (Q3,2008: €685.9 million).

Active customers grew 18.7% to 1.1 million, from 892,000, with new active customer numbers growing 39.1% to 258,000, from 185,000.

Management reported that the growing popularity of live betting has resulted in a shift in the proportion of turnover away from traditional sports betting to live betting, with live betting's share of the gross gaming revenues from sports betting increasing to 57% for the last quarter, from 55% in the third quarter of 2008.

Bwin is optimistic on the Italian market, in which it achieved strong positioning through the recent acquisition of Gioco Digitale, a major Italian online gambling group. The Bwin statement speaks of the 'booming' Italian market in glowing terms, noting that the regulatory regime is "modern and proactive."

Fourth quarter trading is off to a good start, management reports, with gross gaming revenues during the first six weeks, excluding Gioco Digitale, of €1.45 million, or almost a third better than the €1.1 million previously recorded. Including Gioco Digitale, this figure rose to €1.63 million, 48% above the figure achieved at this point in the last quarter.

Source: InfoPowa News

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