Bwin shares hit by 3rd quarter figures - Online Bingo News

Austrian online gambling giant Bwin has seen its stock drop by 15% despite showing a third quarter profit and increased growth in customers.  The company offers an online bingo games product as part of its range of online games.

The company’s net loss of Euro 5.1 million in the quarter is believed to be the catalyst for spooking investers into a sell off of the stock.

However, Bwin's gross online gaming revenues showed a 20% increase after it had to stop its US and Turkish operations due to government policy in those countries. The company’s core sports betting revenues saw a 15% increase with a betting margin of 8.5% as a result.

Though the company has seen a 15% drop in its share value this quarter, Bwin shares had already jumped by 60% this year.  Though not a major player in the online bingo industry, Bwin’s commitment to bingo online is assured over the long term as the company seeks to take advantage of more liberalized European online gambling markets.

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