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Bwin.Party’s first and positive financial results

Bwin.Party Digital Entertainment, considered to be the largest listed online gambling operator has released its first financial results for the 1st quarter of 2011 showing an increase in net revenues by 2% to hit €217.8 million when compared to last year.

Bwin.Party is based in Gibraltar and is a result of a merger between Bwin Interactive Entertainment, an online gaming and betting provider and Party Gaming, a leading operator. Bwin.Party was born in late-March and it was reported that its average daily revenues for the first quarter of 2011 has increased by 4% quarter on quarter and growth in sportsbetting and casino was offset by ‘weakness in poker’.

Jim Ryan and Norbert Teufelberger, Co-Chief Executive Officer’s for Bwin.Party stated “We are pleased to announce our first results following the merger with our announcement today showing what we would have achieved had the merger between PartyGaming and Bwin occurred on January 1, 2010.”

“Overall pro forma revenue in the first quarter was two percent ahead versus the prior year despite the closure of our casino business in France. In respect of current trading, average daily gross revenues are down seven percent versus the average for the first quarter reflecting the normal seasonal pattern seen in previous years.”

“Following steps taken by the US government to enforce its laws, we have seen an uplift in new player sign-ups on our poker sites despite the impact of seasonality. For the period from April 15 to 30, we have experienced a 33 percent increase in average daily new player sign-ups for poker when compared with the previous two-week period. While this represents only a short trading period, it is nonetheless encouraging.”

“We are continuing to lobby for changes to the proposals made by the Minister Presidents in Germany on April 6 that proposed an unviable form of regulation that we and others believe to be inconsistent with European Union law as well as monitor developments in Greece, Spain and The Netherlands.”

“Outside Europe, the recent action taken by the regulatory authorities in the US may signal an appetite to regulate and there are bills currently being contemplated at both state and Federal levels. We are hopeful that the momentum we have seen in recent weeks may result in further positive developments both in Europe and the US.”

“While it is difficult to predict the short-term impact of any of these regulatory changes, we remain on-track to deliver our merger synergies as previously communicated and remain confident about the group’s prospects.”

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