Bwin Interactive Entertainment has flagged a Euro 2.25 million hit


The Reuters news agency reports that Vienna listed online gambling group Bwin Interactive Entertainment has flagged a Euro 2.25 million ($3.22 million) hit after a project to obtain a sports betting licence in Turkey failed. The loss came about when the company applied for a licence in Turkey last year, but had not received publicity until the Austrian magazine Profil reported on the matter.

In March 2007 Bwin advised the media that it had decided to temporarily withdraw from the Turkish market following new laws . The Bwin statement revealed that the new law prohibited online games of chance, but it also provided for the possibility of licensing the businesses in the future. This presumably led to Bwin applying for such a licence.

At the time of its withdrawal the company generated approximately 6 percent of its gross gaming revenues in Turkey. Halting business in that nation could mean a Euro 25-20 million drop in gross gaming revenues per year, analysts speculated.

Bwin has been unfortunate in "force majeure" type events beyond its control; in March 2006, it acquired Ongame, which focuses on online poker and operates PokerRoom.com. The acquisition cost the company around Euro 500 million. Bwin later had to write off much of the value after the Unlawful Internet Gambling Enforcement Act was signed into law in October 2006 in the United States.

Bwin operates under international and regional licences in countries like Gibraltar, Kahnawake, Belize and Germany, Italy, Mexico, Croatia, Austria and the United Kingdom. The group, which is a leading member of the EGBA, offers sports betting, poker, casino games and soft games with most revenue coming from poker and sportsbetting. Competence centres are located in Vienna, Austria, Stockholm, Sweden and Gibraltar.

The parent company, Bwin Interactive Entertainment AG, has been listed on the Vienna Stock Exchange since March 2000.

General Gambling News

Login to post a comment:


 
 

Click Here to register a new account

What's going on right now!

3mins ago someone from United States played Michelangelo

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

Casino Of The Month

Casino of the Month

In the last 24h

Totals

  • New Members
    21
  • Members Online
    352
  • Guests
    2,049
Highest Community Rated Online Casinos
NextCasino
  (122 Ratings)
Bet365 Games
  (145 Ratings)
CasinoLuck
  (193 Ratings)
Betsson Casino
  (189 Ratings)
Unibet Casino
  (110 Ratings)
Guts Casino
  (143 Ratings)
Slotty Vegas
  (84 Ratings)
Redbet Casino
  (117 Ratings)
Spin Palace Casino
  (98 Ratings)
Betsafe Casino
  (165 Ratings)
Mr Green Casino
  (253 Ratings)
BitCasino.io
  (146 Ratings)
ComeOn Casino
  (204 Ratings)
32 Red Casino
  (265 Ratings)
Winner Casino
  (313 Ratings)
Liberty Slots Casino
  (142 Ratings)
Intertops Casino Classic
  (93 Ratings)
Thrills Casino
  (108 Ratings)
Intertops Red Casino
  (103 Ratings)
Vera John Casino
  (156 Ratings)
Casumo
  (107 Ratings)
Jetbull Casino
  (88 Ratings)
Sin City Casino
  (76 Ratings)
PlayHippo
  (62 Ratings)
Slotland
  (261 Ratings)
BETAT Casino
  (171 Ratings)
Ladbrokes Casino
  (134 Ratings)
3Dice Casino
  (224 Ratings)
Whitebet Casino
  (76 Ratings)
Ruby Fortune Casino
  (123 Ratings)


Follow LCB on Facebook Follow LCB on Twitter Follow LCB on Pinterest Follow LCB on Google plus