16th Oct 2014 07:21
LONDON (Alliance News) - Bwin.party Digital Entertainment PLC said on Thursday it is trading in line with expectations and said it is confident on its outlook for the full year after posting a rise in revenue in the third quarter, sending its shares up in early trade.
The group said total revenue in the third quarter to September 30 rose 2% to EUR148.7 million, from EUR145.7 million last year. It said that excluding the loss of its Greece business, total revenue would have risen 2%.
Greece started ISP blocking in August last year after its national gaming commission ordered ISPs in the country to block 401 gambling websites in the country.
The group said revenue from national regulated and/or taxed markets increased 10% year-on-year in the period, increasing the contribution of regulated markets to total revenue to 56% from 53% a year earlier. Revenue from other markets decreased 6%.
Bwin.Party said net revenue from its Sports Betting operation rose 11%, pushed up by higher gross margin wins, mobile growth and the World Cup in Brazil over the summer. It was partially offset in the quarter by a later start for European football leagues, a "volume to value" shift and the loss of business in Greece.
Casino net revenue was down 3% on the back of a softer poker performance, down 25%, while Bingo revenue was down 1% in the period, with a solid performance in the UK offset by weakness in Italy.
The group said other revenue was up 64% in the period, driven by a strong performance for its Kalixa prepaid cards business, network services and its InterTrader spread betting arm.
The group said overall performance in the period was in line with expectations.
Bwin shares were up 3.5% to 85.45 pence on Thursday, making it one of the five best performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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