Bwin.Party announced its first half results with a fall of 16% in revenues to £342.5 million and profits down over 33% to £51.6m. The UK listed company also said that it expected its full year earning to fall by 17% overall.
Most of the fall in revenues and profits has been put down to a re-organisation of working markets the company now involve itself in along with the turnover tax on sports betting introduced in Germany its biggest market.
As many of the major online gambling companies focus on regulated and more profitable jurisdictions which means a shrinking in business and a focus on the fledgling US online market, Bwin.Party has suffered the changes more than most.
Norbert Teufelberger, the chief executive, said: “The first half was always going to be a challenge as we set about optimising the shape and size of our business, with a much greater focus on nationally regulated and to-be-regulated markets … however, our performance and revenue is behind where we expected it to be at this point.”
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