13
NOV
Bwin.Party Post Profit Increase Despite Economic Downturn

Bwin.Party Post Profit Increase Despite Economic Downturn

Written by: Richard Sharp on 13/11/2011 15:50

Bwin. Party Digital has posted their financial report for Q3 2011 and all seems to be well since the groups merger earlier in the year. Since the merger of Bwin and PartyGaming profits have steadily grown, bucking the downward trend caused by the global financial crises.

The firm has reported growth of 3%, represented in net revenue of 201.1 million Euros. The increase has been attributed to new laws which allowed them to operate roulette and blackjack in Italy.

They also capitalized on the ban imposed on Full Tilt Poker in the US and weathered the storm in downward markets such as Greece and the eurozone. Chief Financial Officer Martin Wiegold explained, "There are certain markets that have been particularly hit by the financial crisis ... for us Greece is the one that stands out. However, even Greece shows quarter-on-quarter growth, but if you looked at the year-on-year movement, we have seen a double-digit decline."

Germany is another location where the group are currently facing problems. The German high court recently passed a law which forbids private companies operating gambling sites in their country. Bwin.Party are currently looking at ways to gain the required licenses in Germany, an area which represents 22% of the overall market.

Wiegold remained cautiously optimistic about the future, he said "We expected our business to be resilient but not immune to the recession, and I think that's where we are today."
 

Categorised Under: Bingo News,
Current Article Rating
Login to Rate 

0 Comments

Login to Comment 

Archive

Newsletters

Signup for your email updates.Get special offers, news, competitions and more!

Newsletter Signup Submit 
Top