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 read article EuroCasino Announces Huge Progressive Jackpot Win

Casino Of The Month

Casino of the Month

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

In the last 24h

Totals

  • New Members
    33
  • Members Online
    489
  • Guests
    1,729
Highest Community Rated Online Casinos
Guts Casino
  (288 Ratings)
32 Red Casino
  (524 Ratings)
Club USA Casino
  (398 Ratings)
Mr Green Casino
  (385 Ratings)
Buzzluck Casino
  (262 Ratings)
Lucky Red Casino
  (307 Ratings)
Videoslots.com
  (254 Ratings)
CasinoRoom
  (251 Ratings)
Bet365 Games
  (251 Ratings)
NextCasino
  (258 Ratings)
Raging Bull
  (195 Ratings)
Unibet Casino
  (238 Ratings)
CasinoLuck
  (327 Ratings)
TradaCasino
  (104 Ratings)
Betsson Casino
  (318 Ratings)
Redbet Casino
  (232 Ratings)
SlotsMillion
  (165 Ratings)
Betsafe Casino
  (301 Ratings)
Betspin
  (61 Ratings)
Vera John Casino
  (255 Ratings)
Casino Extreme
  (284 Ratings)
ComeOn Casino
  (359 Ratings)
Ladbrokes Casino
  (204 Ratings)
InterCasino
  (204 Ratings)
Thrills Casino
  (248 Ratings)
Royal Panda
  (182 Ratings)
Bet365 Casino
  (497 Ratings)
Slotland
  (437 Ratings)
Slotty Vegas
  (175 Ratings)
Win A Day Casino
  (470 Ratings)


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