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Bwin Issues Trading Update

Internet betting giant Bwin.Party Digital Entertainment has issued its latest trading update this week, noting that the company is currently operating within management' expectations.

Key points in the trading update were:

  • Trading since 30 September 2012 has been in-line with management’s expectations

  • Continuing Clean EBITDA margin for the year ended 31 December 2012 expected to be between 19.5% and 20.5%

  • Successful migration of bwin.com customers to a single technology platform. The remaining French and Italian migrations remain on track to complete in the first half of 2013

  • Italian slots launched on 3 December 2012

  • Poker and casino license awarded in Schleswig-Holstein

  • On-track to deliver approximately €65 million of synergies in 2013

  • In Belgium, local partner Belcasinos is in the process of securing the requisite operating licenses to operate all online products

The company also reported on its successful launching of virtual slots to Italian punters in December, noting that the product is performing well.

Gross wins came back to earth after higher than expected margins in October, although the win margin is still higher than the same period in 2011.

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