Having already announced their first appointment as a group earlier today it seems only appropriate that we report bwin and PartyGaming’s third quarter trading results as one. Both companies will soon be as one and used the results to confirm this fact to all who were reading.
bwin’s results showed growth in all the segments they operate in except for the casino sector. Specifically gross gaming revenue was up by 21.9% on the same period in 2009. Sports betting was the big one for bwin as gross gaming revenue in this sector alone increased by 22.5% thanks to the expanded product portfolio they are now able to offer. The sports book’s Holy Grail, the World Cup, was again partly to thank for the good results. In addition to this live betting was big.
The other half of the marriage also presented an impressive set of results. Group revenue was up by 9% to €85.3m, the same period in 2009 yielding only €78.3m. Poker was the area that PartyGaming didn’t see growth in.
CEO of PartyGaming, Jim Ryan, commented: “Excluding French casino, total revenue would have been up by 12% year-on-year, driven by casino growth in other markets, acquisitions and a strong performance in sports betting.
“I am also pleased to report that the proposed merger with bwin remains on track to complete at the end of Q1 2011, subject to regulatory and shareholder approvals.”
Filling in the gaps left by each of the companies, Pwin should be fairly successful when they finally arrive on the scene.