Record revenues from sportsbetting see Austrian firm report $17 million net profit for first quarter.
Wednesday 21st May 2008
On the back of record sportsbetting revenues, Austrian online betting company Bwin Interactive Entertainment has announced a net profit of $17 million for the first quarter of 2008, a rise of $1.7 million from the same period last year.
The Vienna-based company also reported adjusted earnings before interest, tax, amortisation and depreciation of $39.92 million, a rise of almost six percent compared with $37.75 million for the same period in 2007.
Excluding the firm’s Turkish operations, which ceased in March of last year, Bwin stated that its total gross gaming revenues rose 21.3 percent to a record $161.79 million driven by a 27.4 percent rise in sportsbetting revenues to $93.72 million. It revealed that the margin for its sportsbetting operation, 8.7 percent, was in line with its target of between eight and ten percent.
The company revealed that revenues from its casino and poker operations increased slightly over the period to contribute $25.36 million and $35.11 million respectively while the games sector increased 53.3 percent to $7.42 million.
Bwin stated that the number of active customers also rose by 19.5 per cent to 925,000 while the number of new customers was up 27.9 per cent to 254,000.
Looking ahead, Bwin stated that an increase in marketing expenses associated with the upcoming European soccer championships due to be held in Austria and Switzerland in June should affect its second quarter results. However, the company reported that levels should return to those seen for the first quarter for the remainder of the year.
On the back of record sportsbetting revenues, Austrian online betting company Bwin Interactive Entertainment has announced a net profit of $17 million for the first quarter of 2008, a rise of $1.7 million from the same period last year.