bwin.party reports first rise for two years

bwin.party reports first rise for two years

Wednesday, January 6, 2016 Totally Gaming
The company saw takings up during the final quarter of 2015

Positive sporting and casino performance helped bwin.party to record better-than-expected figures in its final full quarter before the completion of its acquisition by GVC.

The online gambling operator said that takings were up by five per cent in the three months to December 31, while also confirming that the GVC takeover is likely to conclude on February 1.

The revenue boost is bwin.party’s first year-on-year positive quarterly momentum in two years, and would have stood at eight per cent if disregarding the new value-added taxes in its European Union markets.

The company said most of its gains came via the sports betting and casino verticals, with the quarter including a number of unexpectedly poor results for football giant Real Madrid in Spain, one of bwin.party’s biggest markets.

A bwin.party statement read: “Based upon recent trading performance, the forthcoming Euro Championship in 2016 and the full year benefit of cost savings already achieved in 2015, the board believes that the group's prospects are strong, and these will be enhanced yet further by the proposed combination with GVC Holdings.”

bwin.party also received a €10m ($10.7m) windfall from its interest in Visa’s €21.1bn deal to buy Visa Europe, through its Kalixa payments arm.

Panmure Gordon analyst Karl Burns said the update “gives some confidence the business is starting to stabilise after years of decline”.

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