Bwin Second Quarter Results Out

Published: Thursday, August 23, 2007 Online-Casinos.com

BWIN SECOND QUARTER RESULTS OUT

Losses are lower....but they're still losses

Europe's biggest online gambling group, the Vienna listed Bwin Interactive released its second quarter results this week, reporting losses of Euro 5.6 million during the quarter, compared to losses of Euro 28.6 million last year for the same period.

Quarterly EBITDA was Euro 6.8 million, compared to a loss of Euro 18.6 million in 2006. Gross gaming revenues were up at Euro 75.6 million, compared to the US-exclusive Euro 73.6 million recorded in 2006. Sports betting gross revenues were down at Euro 37.4 million (2006: Euro 41.6 million) and sports betting margins came in at 7.2 percent over the quarter, with Bwin anticipating it will make between 8 and 10 percent margins for the year.

Gross gaming revenues for the half year were Euro165 million (2006: Euro145 million). The group delivered a half yearly EBITDA of Euro30 million compared to a Euro3.8 million loss last year and a profit after tax of Euro4.3 million, compared to 2006's loss of Euro27 million last year.

As promised, quarterly marketing and promotion expenses were slashed to Euro25.6 million, a significant reduction compared with the Euro60 million spent in the previous year period.