Bwin.party Reports Mixed First Half

Bwin.party saw total revenues fall to £317.1 million for the first six months of 2014, down from £342.5 million last year.

The company called its performance “mixed” as sports betting revenues increased by 7 percent to £127.4 million, but seeing declines in most other areas.

Online poker was down 31 percent to £44.1 million and its online casino and games division declined by 8 percent to £103.3 million.

The company pointed to its withdrawal from markets such as Greece as part of the reason for the declines. The company also lost £7.3 million through its New Jersey online operations.

“Trading during the first half of 2014 was mixed with a solid performance from sports betting more than offset by year-on-year declines in casino and poker, particularly in countries that were no longer a core area of focus,” said Norbert Teufelberger, chief executive of bwin.party. “We are on track with our current cost saving measures. However, it is clear that a more fundamental approach is needed to turn around our commercial and operational performance.

“This requires a major change: we are simplifying our structure to accelerate the execution of our plans to drive revenue growth, increase our focus on customers in nationally regulated and/or taxed markets, and further reduce infrastructure costs. This new approach will also allow us to consider alternative financing and corporate structures in order to create additional value. We are confident that the steps we are taking will underpin our financial performance and remain confident about the full-year outlook.”