Bwin.Party, one of the largest companies involved in the online betting industry, released its report detailing its first half results. There are a number of highlights but general this report was not appositive one as overall revenue was down and losses did occur.
Bwin.Party reported revenue at €343.5 million, which is down almost €65 million from the same time last year. The revenue with its sportsbook division was down by €10 Million, Casino revenues were down almost €30 Million and its bingo operations also followed this downward trend by almost €5 Million.
Norbert Teufelberger, CEO for Bwin.Party commented “We knew that the first half of this year would prove to be challenging as we began to optimise and reshape our business as we focused of those markets that are regulated or soon to be regulated. We predicted that our revenue would decline but also expected to see a reduction in operating costs however the revenue and the company’s overall performance were behind our expectations. This had a lot to do with the migration of our dotcom’s”
Some of the other highlights of the report shows that Bwin is expected to see savings of €71 Million and a further €21 million the following year. It also indicated that the license that was applied for in New Jersey is ahead of schedule as systems are in the process of installation with the Borgata Casino.