Online gambling company hit by Greek dispute as revenue falls
Online gambling company Bwin.party said a block on access to its products in Greece would dent revenue and profit this year.
Bwin said on Wednesday revenue fell 21 percent in its third quarter to 145.7 million euros ($195.8 million), reflecting a strategy of aiming to focus on fewer markets where it hopes to make higher returns.
It 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 said it was on track to launch online poker and casino games when New Jersey reopens its markets. That is expected to happen later this month.
[Reuters]
