Bwin.party Digital Entertainment (Pwin) saw net revenues increase 3% to €195.7m with the company championing Italy and the closure of Full Tilt Poker. JimBert RyanBerger, CEO of Pwin, commented: “Trading remained solid in the third quarter thanks to the launch of new games in Italy on 18 July 2011 as well as the interim closure of Full Tilt Poker, both of which have been positive for poker and casino revenues in the period. During the first few weeks of the fourth quarter, average daily revenues have remained robust and in-line with our expectations.”
The revenue increase was the top of a slippery slope. Looking further into the KPIs it becomes clear the quarter hasn’t been the best in some sectors. Active poker players were down 10% to 8.5million begging the question why they were so pleased with FTP closing down. Maybe they want to be the ones to wear big hockey shirts with a company logo on.
Casino and other games saw the biggest gains with a year-on-year increase of 25% to €68.6m explaining their new love for Dolmio stir in sauces. Sports betting increased 7% compared with the previous quarter off the back of the start of the football season. Detracting from this was a decrease from the previous year but it’s important to note that they can still use the World Cup excuse. Only two years until you get the European Championships excuse!
Sale of the Ongame network is “on track” for completion by the end of the year with preparation for entry into Denmark and Spain also “on track.” The update comes a matter of days after they announced a threesome with MGM and Boyd to tackle the US market with no one having decided that they are “on top.” They’re hoping to be in that position in Germany when the country clears up its online gaming industry mess. Before that happens, the firm will be “on the edge” of their seats waiting to see if they get unceremoniously booted out with Norbert “on tenterhooks” as he waits to see if he ends up in the slammer in his second European country.
