Promising results from Bwin
News on 19 Nov 2010
News on 19 Nov 2010
bwin Interactive, which has been much in the news lately due to its merger with PartyGaming, has released its 2010 YTD and Q3 results, reporting positive increases in business.
Highlights of business development in Q3 2010
– Growth of gross gaming revenues attributable to sound development of sports betting, poker and games
– Continuing increase in sports betting margin and customer volume
– Number of active poker customers up by 70 percent in France following regulation
– EBITDA impacted by one-off expenses associated with the market entry in France and preparations to take advantage of forthcoming regulation in number of jurisdictions
– Planned merger will create competitive advantage due to synergies and scale in a multi-jurisdictional regulated market environment
Q3 2010 (pro forma consolidated)
– Gross gaming revenues up 22.1 percent to Euro 123.3 million (Q3/2009: Euro 101.0 million)
– Sports betting margin 7.9 percent (Q3/2009: 7.1 percent)
– Net gaming revenues up 14.3 percent to Euro 95.3 million (Q3/2009: Euro 83.3 million)
– Active customers: 1,208,000 active and 299,000 new active real-money customers (plus 14.1 percent and plus 15.6 percent respectively)
– EBITDA (adjusted*) of Euro 9.8 million (Q3/2009: Euro 16.8 million)
– Result after tax of Euro -6.0 million (Q3/2009: Euro 7.9 million)
First nine months of 2010 (pro forma consolidated)
– Growth in all product segments
– Gross gaming revenues of Euro 383.7 million (Q1-Q3/2009: Euro 313.7 million)
– Net gaming revenues of Euro 304.9 million (Q1-Q3/2009: Euro 263.2 million)
– Active customers: 2,263,000 active and 978,000 new active real-money customers (plus 17.7 percent and plus 21.6 percent respectively)
– EBITDA (adjusted*) of Euro 51.1 million (Q1-Q3/2009: Euro 67.9 million)
– Result after tax of Euro 8.7 million (Q1-Q3/2009: Euro 26.9 million)
* Excluding non-cash expenses in connection with share-based payment (IFRS 2) and one-off effects in connection with proposed merger.
