Bwin.party digital entertainment (Pwin) posted net revenue of €217.8m in Q1, a gain of 2% (over something, considering the independent bwin and PartyGaming companies hadn’t yet been officially joined at the hip until April Fool’s Day). Sports betting revenue was up 11% to €71.6m, while the casino side was up 8% to €64.8m. It wasn’t all roses, however, as poker revenue slumped 14% to €54m.
Choosing to focus on the silver lining, co-CEO Jim Ryan noted that average daily poker signups had risen by a third since the events of Black Friday. Ryan said that while “this represents only a short trading period, it is nonetheless encouraging.” Ryan also said he believes the charges filed against PokerStars, Full Tilt et al “represents a meaningful, albeit small, step toward returning to growth in poker.” Growth aside, Pwin is still looking to rid itself of its Ongame poker network, in order to prioritize its PartyPoker site. Ryan said the company had been approached with offers for Ongame, which it acquired in 2006 for €510m, but hasn’t yet made any decision (which suggests those offers have been well below €510m).
The markets reacted to Pwin’s pwofits with a collective shrug, leaving the stock down only 0.13% on the day. The stock currently sits at 150p, off 27% from its April 1 mark of 205p. Perhaps Pwin’s other co-CEO Norbert Teufelberger will head down to the London Stock Exchange on Monday to demand the arrest of various analysts, much as he chastised French gaming regulators ARJEL for not doing more to keep those online gambling millionaires at Bet365 from gobbling up Pwin’s croissants.
