Poker Revenue Falls Eight Percent At bwin.party
Company “Determined” To Return To Growth With Liquidity Pooling By Fourth Quarter
Net poker revenue declined 8.1 percent at bwin.party during the first half of 2012 to €96.4 million from €104.9 million in the first half of 2011.
Poker now makes up 23.5 percent of overall revenue at bwin.party compared to 26.4 percent this time last year.
In current trading – July 1 to August 25 – average net daily poker revenue is up 14 percent to €417,000.
The company plans to pool liquidity at its two poker brands, bwin and Party Poker, in the fourth quarter of 2012 but also notes that dot com liquidity is fracturing as a result of regulation and that European poker markets are maturing.
The company plans to optimize its poker ecology by:
•Rebalance player pool in favour of more casual players
•Focus on driving and retaining net depositing players
•Removal of highest stakes tables
•Protect recreational players from ‘fish hunting’
•Rebalance bonus packages in favour of recreational players
•Introduce new features to lobby and interface to benefit casual player
The company said in its interim statement, “Poker is a key area of focus and we are determined to return it to growth through execution of a detailed plan that includes pooling our poker liquidity as well as repositioning our flagship PartyPoker brand. We expect both initiatives to have a positive impact on our performance, along with our recently launched FastForward Poker product.
It plans to reposition PartyPoker.com to focus on recreational players.
Overall the company’s performance was more pleasing. “The fundamentals of our two largest product verticals, sports betting and casino, remain strong and we remain excited by their prospects as we develop our mobile offering in conjunction with our expansion into a number of regulated markets," it said.
Total revenue at bwin.party was up three percent to €410 million.
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