Bwin.party Digital Entertainment Plc, the largest online gambling company in the world, which was created by the merger of Bwin and Party Gaming, has published its latest financial report.
According to this report, the company is pleased with its progress from September and is fully confident that it will be worth around €65 million this year.
Bwin.party’s sports betting sector displayed better gross win margins during the last quarter of the fiscal year.
The results of the sports betting sector are definitely better than what they were last year, and the company says that the improvement reflects that the company is well on its way to partially recovering the 5% taxes it had to pay to the German government.
Bwin.party’s casino gaming and poker gaming sectors have displayed steady results from September, well in keeping with the company’s expectations.
In the middle of December, Bwin Poker moved to the PartyGaming online poker software platform and successfully transferred its players to that platform. Bwin.com will be transferring its Italian and French players to the PartyGaming platform during the first few months of this year.
Bwin.party’s profits for the year, before amortization, interest, depreciation, and tax, are somewhere in the range of 19.5 percent to 20.5 percent.
Bwin.party also stated that there were certain issues with Schleswig-Holstein, which had recently licensed the company to run online poker rooms and online casinos for a period of 6 years.
The company stated:
Schleswig-Holstein received detailed opinions from the European Commission and Malta with further comments from the UK government, challenging its proposed revocation of the existing law, one that had established a regulated licensing regime for online sports betting, poker, casino and bingo games.
There is now a question over how the existing regime in Schleswig-Holstein can co-exist with the alternative system proposed by the other 15 Länder that seeks to allow sports betting only and with significant additional restrictions for the online offer, restrictions that do not apply to land-based operators. Whilst we welcome the move to regulate the online gaming market in Germany, this must be in a consistent and coherent manner in-line with EU law.
The company is now waiting for the state of New Jersey to legalize intrastate online gambling. New Jersey lawmakers are now waiting for their governor to approve an online gambling bill, which will legalize intrastate online casino and poker in New Jersey.
Meanwhile, the price of Bwin.party shares shot up by .18%.