bwin.party Trading Update Sees Poker Under Pressure
Poker Struggles At bwin.party; Positive News For Spanish Performance
bwin.party has published its pre-close trading update which sees poker suffer due to continued “competitive challenges” that the company says were exacerbated by the launch of Zoom Poker on PokerStars.
Investment in the company’s social gaming initiative and gaming taxes in Germany are also expected to affect the Group’s performance in the second half.
The report says, “While we expect a recovery in sports gross win margin and an improvement in poker, following the integration of our liquidity pools during the second half and the launch of our own version of fast poker, the new federal tax on sports betting in Germany is expected to result in an additional impact to the Group’s full year Clean EBITDA of approximately €5-10m in the current year.”
The German Rennwettlotteriegesetz was introduced on Jul. 1. This comes not long after bwin.party paid Spanish authorities €33 million in back taxes and penalties to clear the way for receiving an online gambling license.
The results so far of the launch of the Group’s sports, poker, casino, and bingo products in Spain in June however have been positive with a top three market position secured.
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