Bwin.Party Posts Lousy Q1 Numbers
Overall, revenue at the struggling company was down by around 6% to €155.3 million ($173.48 million USD). That’s up 6% from this time last year.
On the poker side of the business, things were even worse. Poker revenue was down by nearly 31% over last year. In fact, just about every metric you can imagine was down at Bwin.Party Poker.
Their number of daily average players, an essential component for maintaining a viable poker site, was down 30% and new signups were down by 37%.
There were a few bright spots in the earnings report, but they were hardly enough to offset the damage done by the company’s lackluster poker operation.
Bwin.Party’s Sports betting handle, for example, was up by 1%, but actual revenues were 10% to €58 million ($64.79 million USD). Unfortunately, the UK’s new point of consumption tax (POTC) and a value market position made that gain a moot point.
The brightest spot of the report came from the bingo sector where revenue was up by 1% and new signups were in positive territory as well.
The question now is how this kind of report will impact Bwin.Party’s group of very interested suitors. Some big industry names, including Amaya Gaming and 888 Holdings, are in hot pursuit of the operator and have put up multi-billion Euro acquisition offers on the struggling company.
According to a report on CalvinAyre.com, financial analysts say that, while bad, the dismal Q1 results won’t be enough to scare off buyers. In fact, he said, the company could even be on the edge of a Rocky Balboa-style comeback.