GamblingCompliance: Bwin.Party Revenues Fall Further In Second Quarter
By Daniel Macadam, GamblingCompliance, published at www.gamblingcompliance.com
Bwin.Party saw revenues sag further in the second quarter ahead of the planned launch of a new poker product and regulated online gambling in New Jersey in the second half of the year.
The London-listed online gambling operator said in a pre-close trading update today that revenue was “softer than expected” since the start of April, with analysts predicting a 20 percent year-on-year fall.
A lower gross win margin in sports betting during April and June came on top of tough trading for bingo and continued decline in poker and casino sales .
“While the revenue performance was down on last year, we remain on course to deliver the targeted €70m of cost savings in 2013 with more to follow in 2014,” chief executive Norbert Teufelberger said in the statement this morning.
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