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News: Bwin.Party Shows Profit and Revenue Increases like rocket ship
Bwin.Party Digital Entertainment, the giant online gambling king, released its financial figures for the first half of 2012, showing a significant rise in overall profits and revenue, despite the fact that its online poker arm did not perform strongly.
Bwin.Party's revenues grew 3% to €410 million, in comparison to the €398 million recorded in the same period last year, while Net profit climbed dramatically from €81.9 million last year to €92.3 million in the first half of 2012.
Other figures released by Bwin.Party Digital Entertainment included:
A rise in revenues for Bwin's sports betting arm from €125.7 million in 2011 to €128.1 million in 2012.
A rise in casino revenues from 2011's €124.3 million to this year's €139.7 million.
A drop in bingo revenue from €33 million in 2011 to €31.5 million in 2012.
A drop in poker revenue from €104.9 million in 2011 to €96.5 million in the first half of this year.
Spain Remains a Challenging Market
Despite Bwin.Party profit increases, the group made a challenging entry into the Spanish gambling market earlier this year, beginning with a €31.5 million one-off payment to the Spanish government for back taxes.
The group said in its statement: "The Spanish tax authority contacted all of the major online gaming operators and made clear that, in their opinion, any online operators that has ever accepted customers from Spain has an obligation to pay Spanish taxes under two laws, one dating from 1966 and the other from 1977."
While Bwin.Party was eventually awarded a license to operate in Spain, the group's Chief Financial Officer, Martin Weigold confirmed that the group is still finding the market challenging because of the tough recession which has hit the region. He also conceded that Bwin.Party was finding the Italian market difficult to break into for the same reason. Australia and New Zealand remain on the radar, but would not be drawn into specifics.
Focus on Online Poker...
Bwin's co-chief executive officers, Jim Ryan and Norbert Teufelberger spoke about the group's online poker offering which amounted to the weakest performance in the first half of the year.
"Poker is a key area of focus and we are determined to return it to growth through execution of a detailed plan that includes pooling our poker liquidity as well as repositioning our flagship PartyPoker brand," they said in a joint statement.
"We expect both initiatives to have a positive impact on our performance, along with our recently launched FastForward Poker product."
PartyCasino.com has been awarded the Media Man and Casino News Media "Online Casino Of The Month" award.
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The award follows PartyPoker's EGR Poker Operator Of The Year and PartyGaming also made the shortlist for EGR Operator Of The Year. Recently PartyGaming's PartyPoker.com also won the Casino News Media "Online Poker Website Of The Month".
The Media Man - Casino News Media accolade is based on a combination of elements including user experience, innovation, trustworthiness, customer service, gameplay, affiliate program offerings, newsworthiness and company values.
PartyCasino.com is one of a number of Bwin.Party Digital Entertainment brands.
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Media Man, Casino News Media and Global Gaming Directory do have a b2b relationship with Bwin.Party Digital Entertainment, as they do with dozens of other companies in the gaming, igaming, media and entertainment industry.
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