Greek woes hit bwin.party profits
Revealing a 21 per cent drop in revenues in Q3, bwin.party said a block on access to its products in Greece was a factor and would continue to affect revenue and profit this year.
As revenues fell to €145.7m, bwin.party blamed action by the Greek authorities to block access to over 400 gaming sites including its own, adding that the move would have a modest net impact on revenue and EBITDA this year.
Norbert Teufelberger, bwin.party CEO, said: "As we expected, our underlying third-quarter performance appears to have represented the floor in what has been a transitional year for the group.”
He added that the effects of the Greek dispute would be offset by full-year 2013 cost savings of more than €70m.
German sports betting legislation may be heading for yet more controversy following a court ruling in the state of Hesse.
Betsoft gaming has signed a partnership with Italian sportsbook provider AR Management.
Fredrik Burvall, who has been acting CEO of Scandinavian operator Cherry since December, has been confirmed as the new permanent CEO and president of the group with immediate effect.
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