BWIN, the betting farm saw a mixed time over the last month as poker numbers plunged because of all the World Cup football action. The football World Cup was a double edged sword for this gambling website as favorable results were not near by poker players who deserted the online tables to see their favorite teams playing in the World cup in Brazil.
Its newest update demonstrated a mixed quarter for business, as football fest sucked in the new gamblers, registered a few shock results, as well as saw many knock-out matches settled by penalties and draws that plays into the hands of the bookies.
The profit margins were quite better that it was expected, but the overall dealing between April and June – a bit softer as the event aggravated the conventional seasonal slow-down for poker. This tough backdrop also had a knock-on affect on BWIN’s casino games, as per Norbert Teufelberger, the chief executive. Newly started online poker markets in the United States like New Jersey have also let down as of now.
BWIN also sagged up an extra € 10 million (i.e. £ 8 million) in cost toll on top of € 20 million already set aside. Detailed plans would be set out at half year effects but jobs are probably to be cut among the 2800 staff of the company.
Karl Burns of Panmure Gordon stated that Bwin.party continues to struggle to grow its regulated casino, poker and bingo business. Within sports it is competing against top-quality operators such as William Hill, Betfair, Bet365 and Paddy Power.