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Bwin Q1s: net gaming revenue up 11% 14/05/2009

Bwin has released first quarter results showing net gaming revenue of €102.1m, up 11% on the same period in 2008.

The company saw adjusted earnings, before interest, tax, debt and amortisation (EBITDA) 39.2% to €36m, from €25.8m on the same period in 2008. The EBITDA margin with respect to net gaming revenues is up to 35%, from 28% on the first quarter last year. As a result, Bwin said it has raised its expectations for the 2009 financial year, with adjusted EBITDA now expected to come in at over €110m.

Gross gaming revenues rose 12.5% to €117.6m, from €104.6m in 2008, and the company has raised its predicted gross gaming revenues from €435 to €450m.

The company has €70.8m cash, up from €53.2m at the same time last year.

Net revenue was accounted for primarily by growth in poker and games and the sale of Bwin’s rights to German football leagues.

On an annual basis, poker grew 37% to €27.8m, from €20.3m, and games rose 27.6% to €5.6m, from €4.4m. Additional revenue streams included the sale of rights to the first and second German Football Leagues in the amount of €7.1m and totalled €17.3m, up from € 10.6m in 2008. Sports betting saw muted growth of 3% to €53.8m, up 3% on the €52.3m on last year’s first quarter, while casino sector actually fell slightly, to €14.9m from €15m.

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Posted: 14/05/2009

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