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Bwin.Party Reports Q3 Results

Bwin.party, the world’s largest publicly-listed online gaming company, announced third quarter results today.

Pro forma revenue was up 3% from the third quarter of 2010 to €201 million, and up 9% from the second quarter this year, thanks to the launch of new games in Italy and strong growth in the company’s casino division.

Poker revenue has benefited from the closure of Full Tilt in the second quarter of 2011, while sports betting saw net gaming revenue rise 11% from the last quarter to €60 million.

The company posted poker revenue of €52 million, up 3% from the second quarter of 2011, and down only marginally from the £53 million recorded in the third quarter of 2010.

Management will be encouraged by the rebound. In August, bwin.party announced that first half poker revenue fell 11% to £105 million from £117 million in the first six months of 2010.

There were 430,400 new sign-ups for bwin.party during the quarter, which is a 6% increase on the second quarter’s figure of 405,700, reflecting the launch of new products in Italy.

“Our position in both Italy and France remains strong with an estimated combined market share of over 15% in both markets,” the company announced in its interim report for the three months ended September 30.

Bwin.party said it was working with German states on a viable regulatory framework, and said it hoped to secure a license in the northernmost state of Schleswig-Holstein, who passed progressive gambling legislation in September.

“Although the proposal falls short of the requirements prescribed by the European Court of Justice, we remain optimistic that changes can and will be made so that the regime becomes fully compliant and will foster a vibrant regulated market,” bwin.party said.

Co-CEOs Jim Ryan and Norbert Teufelberger said that the company was “preparing to enter into a preliminary suitability review with the Nevada Gaming Control Board” following partnership agreements with US casino groups MGM Resorts and Boyd Gaming.

Management confirmed it is on course to achieve merger synergies of €40 million next year and €65 million in 2013.

Bwin.party shares, which have lost around 33% of their value since the merger, were down 2% in today’s trading.

Click here to read more about bwin.party.

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