bwin.party is performing in line with expectations as we approach the Christmas period. The company’s pre-close trading update told how the firm expects a continuing clean EBITDA margin for 2011 between 22% and 24% and that 14 million shares have now been repurchased at an average of 126p each. The saga that is getting rid of the Ongame Network is ongoing with the sale “unlikely to be finalized before the year end.” It’s at an advanced stage so watch this space. In new territories, they are hoping to gain approval in Spain and Denmark early in the New Year after submitting separate applications in each jurisdiction. Then there’s the USA, where they are “well positioned” for any legislation thanks to their anticipatory three-way with MGM and Boyd Gaming. How’s that for a Christmas hamper?!
Spread betting operator IG Group has followed a general industry trend as revenues increased by more than a quarter. Market volatility will be getting a bottle of Moet after it helped the group increase revenues by 26% to £195.6million for the second quarter. Europe and Australia were the best performers with respective revenue growth of 33% and 36% underpinned by a 13% increase in active clients. Analysts remain unconvinced, with Mark Williamson at Peel Hunt stating: “IG has benefited from the dramatic spike in volatility in early August, which proved to be a record month for the group, but unsurprisingly trading conditions throughout the remainder of the second quarter were less exceptional. At this juncture, the key question has to be is this as good as it gets?”
Australian sports betting specialist Betchoice has launched a mobile site with the help of Mobenga. Punters can take advantage of a sports betting site on both iPhone and Android devices as the firm aims to take advantage of the increase in mobile penetration in Australia.