BWIN.PARTY RELEASES FIRST FINANCIAL RESULTS


The world's largest listed online gambling operator, bwin.party Digital Entertainment, has released its first financial results


The world's largest listed online gambling operator, bwin.party Digital Entertainment, has released its first financial results as a unified entity showing that its net revenues for the first quarter of 2011 rose two percent year-on-year to hit Ђ217.8 million.

"We are pleased to announce our first results following the merger with our announcement today showing what we would have achieved had the merger between PartyGaming and Bwin occurred on January 1, 2010," read a statement from Jim Ryan and Norbert Teufelberger, Co-Chief Executive Officer's for bwin.party.

"Overall pro forma revenue in the first quarter was two percent ahead versus the prior year despite the closure of our casino business in France. In respect of current trading, average daily gross revenues are down seven percent versus the average for the first quarter reflecting the normal seasonal pattern seen in previous years."

With regards to the fallout from Black Friday and the closure of the US-facing operations of PokerStars, Full Tilt and Absolute Poker, the joint CEOs pointed to encouraging short-term feedback and a positive, yet realistic future outlook.

"Following steps taken by the US government to enforce its laws, we have seen uplift in new player sign¬ups on our poker sites despite the impact of seasonality. For the period from April 15 to 30, we have experienced a 33 percent increase in average daily new player sign-ups for poker when compared with the previous two-week period. While this represents only a short trading period, it is nonetheless encouraging.

"[The recent action in the US] may signal an appetite to regulate and there are bills currently being contemplated at both state and Federal levels. We are hopeful that the momentum we have seen in recent weeks may result in further positive developments both in Europe and the US. While it is difficult to predict the short-term impact of any of these regulatory changes, we remain on-track to deliver our merger synergies as previously communicated and remain confident about the group's prospects."
 
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