Bwin Releases H1 2008 Results
Published: Thursday, August 21, 2008 Online-Casinos.com
BWIN RELEASES H1 2008 RESULTS
Revenues and margins grow, with sportsbetting the star
The Vienna-listed online gambling group Bwin released its H.1 2008 numbers this week, showing soaring gross gaming revenues for the first half 2008, which rose 25.6 percent to Euros 207.2 million (H1:2007 Euros 165 million). Sportsbetting gross gaming revenues were especially positive, rising 37 percent to Euros 119.8 million with margins at an impressive 8.3 percent.
Group EBITDA rose to Euros 36.5 million, up Euros 2 million from the same period last year, thanks to an active customer base that grew by 31 percent to 1.43 million accounts, 550 000 of them new active real-money players (up 45.6 percent)
The company revealed that its new gaming portal had performed satisfactorily, helping to deliver Q.2 revenues that were up 35.8 percent on Q.2 2007 and reached Euros 102.7 million. During Q2 sportsbetting revenues jumped 58 percent to Euros 59.3 million, with margin at almost 8 percent.
Net gaming revenues (NGR) were up 32.7 percent to Euros 88 million, with sportsbetting contributing Euros 50.4 million, although poker NGR was less attractive, declining 5.4 percent on last year's figure to Euros 18 million. Online casino NGR climbed 13.7 percent to Euros 15 million and other games were up 56.3 percent to Euros 4.6 million. EBITDA for the quarter was Euros 10.6 million, an increase of Euros 700 000 over the comparable period.
Despite the successes, after tax results showed a loss of Euros 6.7 million, compared with a loss Euros 5.6 million in 2007.
The company revealed that marketing expenses rose to Euros 37.6 million, with marketing expenditure per new active customer reduced to 12.2 percent or Euros 166.3 - including bonuses. Gross gaming revenues per active customer fell 5.9 percent compared to 2007, with the new b'inside loyalty program performing well.
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