bwin.party said on Thursday that it has begun a formal process to sell Ongame's B2B operation.
The company has confirmed that having taken some initial soundings from interested parties, it will sell the online poker network, including a technology platform, as part of its stated strategy to recycle surplus assets.
In a statement to shareholders at the company’s annual general meeting in Gibraltar on Thursday, the board of bwin.party was due to say that current trading is broadly in line with management expectations, despite lower than expected sports margins due to a favourable run of events for customers in May.
While there has been an improvement in new player sign-ups in poker following action taken by US authorities against a number of the companies online poker rivals, this has not had a material impact on poker revenues. The company said that this is because new players represent just a small proportion of the overall player base.
Since the completion of the merger, bwin.party said that it continues to make progress on implementing the plans made prior to completion, with the company on track to deliver the full €55m of annualised synergies by 2013.
