bwin.party suffer 21% revenue fall for Q3

Bwin.Party announced their third quarter results with a 21% drop in revenues to 145.7 million euros, the company focussed on its struggles in Greece as a main part for its continuing decline.

Greece has blocked over 400 online gambling websites, including bwin.party, the company said action by the Greek authorities to block Internet access to over 400 gaming sites including its own would have a modest net impact on revenue and EBITDA this year.

“As we expected, our underlying third quarter performance appears to have represented the floor in what has been a transitional year for the group,” said chief executive Norbert Teufelberger.

He added that full-year 2013 cost savings were likely to exceed a target of 70 million euros, helping to offset the impact of the Greek dispute.

The company is targeting less countries with online gambling but focussing more on those jurisdictions that seem more lucrative. In closing bwin.party said it was on track and ready to go when New Jersey launched online gambling come the 26^th November.