Bwin Reports Financial Results
By James Mc
Austrian online gaming operator Bwin has reported significant increases in its third quarter and nine months to September results, as well as highlighting the acceleration of its strategic development programme.

The company reported that it had changed its strategic approach a year ahead of schedule in reaction to the application of the Unlawful Internet Gambling Enforcement Act in the US, and due to uncertainties in several European countries.

The company estimates the restructuring costs associated with its withdrawal from the US market to be around €5.5 million, and consequently forecasts gross gaming revenues of around €375 million for the current financial year. Additional to this Bwin expects to make a non-cash charge for the write-off of assets with a current net value of €534 million as a result of the Ongame transaction.

Third quarter results show gross gaming revenues of €97.2 million against €35.7 million for the same period last year, whilst gross revenue from sports betting was at €44.4 million as opposed to €23.3 million in 2005.

Results for the first nine months of the year show gross gaming revenues of €289 million against €96.3 million for the same period in 2005, with nearly 1.8 million active and 1.1 million new active real money customers.

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