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Bwin Notes Good YTD and Q3 Results


Positive movements in business

New YTD and Q3 results have been released by bwin Interactive pointing to positive increases in the business, which has been much in the news lately due to the announced merger with PartyGaming.

Q3 highlights

- Gross gaming revenues increased by sound development of sports betting, poker and games

- Sports betting margin and customer volume continue to grow

- 70-percent growth noted in number of active poker customers in France following regulation

- EBITDA affected by one-off expenses associated with the market entry in France and preparations to take advantage of forthcoming regulation in number of jurisdictions

- Merger with PartyGaming to bring competitive advantage due to synergies and scale in a multi-jurisdictional regulated market environment

Q3 2010 (pro forma consolidated)

- 22.1 percent growth in gross gaming revenues to EUR123.3 million (Q3/2009: EUR101.0 million)

- Sports betting margin increasing to 7.9 percent (Q3/2009: 7.1 percent)

- 14.3 percent increase in net gaming revenues to EUR95.3 million (Q3/2009: EUR83.3 million)

- 1,208,000 active and 299,000 new active real-money customers (increase of 14.1 percent and 15.6 percent respectively)

- EBITDA (adjusted*) of EUR9.8 million (Q3/2009: EUR16.8 million)

- Result after tax of EUR-6.0 million (Q3/2009: EUR7.9 million)

Year to date, ending with Sept. 30 (pro forma consolidated)

- All product segments noted growth

- EUR383.7 million of gross gaming revenues (Q1-Q3/2009: EUR313.7 million)

- EUR304.9 million of net gaming revenues (Q1-Q3/2009: EUR263.2 million)

- 2,263,000 active and 978,000 new active real-money customers (increase of 17.7 percent and 21.6 percent respectively)

- EBITDA (adjusted*) of EUR51.1 million (Q1-Q3/2009: EUR67.9 million)

- Result after tax of EUR8.7 million (Q1-Q3/2009: EUR26.9 million)

* Excluding non-cash expenses in connection with share-based payment (IFRS 2) and one-off effects in connection with proposed merger.

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