In accordance with stock market rules following the proposed merger of Party Gaming and Bwin, Party Gaming issued a press release to the London Stock Exchange Thursday providing detail on Bwin's performance in the first half of 2010.
H1 highlights included:
- Gross Gaming reviews up 22.4% at €260.4 million
- NGR rose 16.6% to €209.7 million
- EBITDA declined 19.2% to €41.3 million
- After tax profit declined 22.7% to €14.7 million
The company reported record turnover for sports betting due to a successful football World Cup, and a promising start to sports betting and poker in France as at the end of Q2/2010, but noted that results had been temporarily affected by marketing expenses and intensive preparations and start-up costs in France.
Online poker and casino operations were adversely impacted by seasonal slow trends and the distraction of the World Cup.
Detailing Q2,2010 results, the company reported:
- Gross gaming revenues of €127.2 million, or €113.8 million excl. Gioco Digitale (Q2,2009: €95.1 million)
- Sports betting margin improved at 7.2% (Q2,2009: 5.9%)
- Net gaming revenues of €100.4 million, or €93.1 million excl. Gioco Digitale (Q2,2009: €77.8 million)
- Record number of active customers: 1,381,000 active and 360,000 new active real-money customers (up 30.7% and plus 43.5% respectively)
- EBITDA of €11.0 million (Q2,2009: €15.1 million)
- Result after tax of €2.8 million (Q2,2009: €100,000)
- Marketing costs up 30% in Q2.
- 19% rise in Q2 for online poker operations.
Regarding the merger with Party Gaming, Bwin management reported that the collaboration was on schedule for a conclusion in Q1,2011, forming a business worth €3.3 million.
Bwin enjoyed record turnover for sports betting due largely to the World Cup, which pushed gross gaming revenues up by just under 35%, from €95.1 million to €127.2 million.
Source: InfoPowa News