BUSINESS

Pwin expands Italian offering; IG Group reveals record profits

TAGs: bwinparty, IG Group, Italy

bwin.party italyAfter hearing how much fun William Hill was having racing minis around the Mediterranean Sea’s boot, Pwin is heading over the join them. In plain English, it means that Pwin is to begin operating cash game poker and table based casino games after being one of those awarded a new requisite license by the regulator AAMS.

Commenting on the launch, Jim Ryan and Norbert Teufelberger, Co-CEOs said, “We are delighted to have been one of the first operators to launch these new services. Cash game poker is by far the most popular format and through our excellent software, we can now provide Italian customers with the very best in both tournaments and cash games and look forward to consolidating our already strong presence in the Italian market where, according to AAMS data, the Group’s poker brands command over 16% combined market share. The launch of our casino offer in Italy should provide an exciting new revenue stream for us, and we look forward to leveraging our strong market position in other products over the coming months.”

The services have been launched under the bwin, Party and Gioco Digital brands. Hard to get the image of a two-headed monster out of your head when you see a joint statement like that though!

Spread betting company IG Group has revealed record results for the year to May. Even with a substantial £4m hit to profits following the collapse of the Keydata fund management business, the firm outperformed expectations. Profits were up a 3.4% to £163m. Add that to trading revenues increasing by 7% up to £320m and you can see why they can afford to put a brave face on it all

IG chief executive Tim Howkins commented, “The cost falls on the innocent as ever. Our FSA authorisation is technically as an intermediary, which puts us in the same category as any firm that gives advice.

“It is completely unfair, we have a completely different risk profile.

“It was a relatively tough year. We faced falling volatility and worse consumer sentiment. That a pattern we’ve seen since October.”

Talk about having a bit of a tantrum!

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