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Bwin Profit soars 75 percent over same time last year

11/20/09 - The Vienna-listed online gambling group Bwin has posted an outstanding set of third quarter 2009 results, with profit rocketing 75 percent over the same period last year.

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Despite the traditionally quiet nature of the quarter, Q3 EBITDA rose to Euro 16.8 (Q3 2008: Euro 9.6 million) thanks to solid sportsbetting results. Gross gaming revenues rose 5.3 percent to Euro 101 million, due mainly to a 3.4 percent increase in sports betting gross revenues to Euro 52.7 million. 
 
Online poker revenues were sluggish, rising only 1.3 percent to Euro 23.1 million, overshadowed by online casino performance that saw revenues rise 7 percent to Euro 18.1 million. The group’s smaller games division outshone them all with a 36.5 percent surge to Euro 7 million.
 
At Euro 83.3 million (Q3 2008: Euro 83.7 million) there was little change in net gaming revenue over the quarter, principally due to the cost of new acquisition and retention measures involved in the launch of subsidiary Ongame's new P5 poker platform and higher betting duties following the encouraging growth of online gaming in Italy. 
 
Betting turnover from betting, poker, casino and games in the third quarter was up 8.2 percent to Euro 790.9 million (Q3 2008: Euro 730.8 million) This was achieved through an 8.3 percent rise in sports betting turnover to Euro 742.6 million (Q3 2008: Euro 685.9 million).
 
Active customers grew 18.7 percent to 1.1 million, from 892 000, with new active customer numbers growing 39.1 percent to 258 000, from 185 000.
 
Management reported that the growing popularity of live betting has resulted in a shift in the proportion of turnover away from traditional sports betting to live betting, with live betting’s share of the gross gaming revenues from sports betting increasing to 57 percent for the last quarter, from 55 percent in the third quarter of 2008.
 
Bwin is optimistic on the Italian market, in which it achieved strong positioning through the recent acquisition of Gioco Digitale, a major Italian online gambling group. The Bwin statement speaks of the 'booming' Italian market in glowing terms, noting that the regulatory regime is "modern and proactive."
 
Fourth quarter trading is off to a good start, Management reports, with gross gaming revenues during the first six weeks, excluding Gioco Digitale, of Euro 1.45 million, or almost a third better than the Euro 1.1 million previously recorded. Including Gioco Digitale, this figure rose to Euro 1.63 million, 48 percent above the figure achieved at this point in the last quarter. 

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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