Bwin.party Revenue Up 0.2% To €816 Million In 2011March 30, 2012 1:59 pm
The world’s biggest listed online gambling company Bwin.party, has released its financial figures for the year ended 31st December 2011 revealing its total revenue flat at €816 million compared to €814 million in 2010.
In addition, Bwin.party’s EBITDA (earnings before interest, tax, depreciation and amortisation) was up by 3% to €199.3 million ($264.8 million) in 2011, with gross average daily revenue also higher by 2% at €2.93 million compared to Q4 of 2011.
Commenting on the latest results, Co-CEOs Jim Ryan and Norbert Teufelberger, said:
“We made excellent progress in 2011. The swift execution of a number of integration plans for our technology, people, products and brands has been rewarded with financial synergies coming through more quickly than expected, offsetting increased gaming duties payable as markets regulate. We remain on-track to deliver approximately €40m of synergies this year and €65m in 2013.”
Breaking the net revenue figures down further, Sports betting accounted for €259.7m, Casino & Games €262.7m, Bingo €63.7m, while Poker was down 7% to €209.7m compared to €226.3 million a year earlier.
Bwin.party’s poker revenue now accounts for 25.7% of the company’s overall revenue down from 27.8% in 2010. Addressing the poker results, a company report explained that PokerStars had consolidated its position as market leader since the US online poker ban, before further elaborating:
“This makes for a challenging operating environment for our poker business but we believe that we can remain one of the largest networks in each market. Our position should be further enhanced when we pool our player liquidity across our poker brands in the dotcom as well as the ring-fenced markets in Italy and France later this year.”
Bwin.party shares are currently priced at 154.80p, giving the company a Market Capitalisation of £1.27 billion ($2.03bn).