Bwin.Party Digital Entertainment has posted their first quarter financial results for 2015, noting a revenue drop of 6%.
Key financial indicators for the quarter were:
Revenue of €155.3 million
Mobile gaming made up 30% of Gross Gaming Revenue
The company is on track to save €15 million on cost savings
Current trading revenue is up 6%, driven by 25% higher year on year sports betting results.
Commenting on the performance Bwin CEO Norbert Teufelberger said, “The Group has delivered solid growth since Q4 2014 on the back of continued mobile expansion. However, a lower than expected gross win margin in sports betting as experienced by other gaming operators and continued challenges in poker held back our year-on-year revenue performance during the first three months of 2015.”
"Despite slightly lower revenue and additional taxes, continued careful management of our costs and further operational efficiencies have meant that Group Clean EBITDA margins for the first quarter are ahead of the Board’s expectations and also ahead of last year.”
“In the United States, draft legislation is being considered in both California and Pennsylvania. On the back of the strength of our US platform and existing partnerships (that now includes a market access partner in Pennsylvania), we believe that we are well-placed to secure a leading position in each of these markets should a suitable regulatory and fiscal framework be introduced."