Online gaming giant bwin released its quarterly and yearly financial results Wednesday, showing slightly decreased numbers for the quarter, but solid increases across the board for the 2010 fiscal year.
During the final quarter of 2010, bwin saw gross gaming revenues decline 1.6% from the third quarter to €130.8 million, while net gaming revenues fell 6.1% to €103.1 million. While the company saw record turnover in its sports betting segment – up 16.6% from the fourth quarter of 2009 to €917.0 million – gross gaming revenues in sports fell 2.4% to €65.0 million.
Gross gaming revenues for poker dropped 5.8% from Q4 2009 to €35.5 million, but compared to Q3 2010, the figure was up 6.3%. bwin estimated that it has grabbed over 22% of the online poker market in Italy, which only allows tournaments, not cash games. The company also noted that it is at a competitive disadvantage compared to other sites that still cater to players in the United States, a market that bwin does not service.
In its casino games segment, bwin saw gross gaming revenues dip 3.9% from the same quarter last year to €19.4 million. The main reason for the drop is that bwin ceased offering casino games to French customers in the fourth quarter of 2010. Excluding France, the numbers were up 3.1%.
As one would expect, bwin’s mobile gaming segment surged ahead, with gross gaming revenues soaring 66% versus Q4 2009 to €3.6 million.
Compared to the fourth quarter of 2009, the number of active customers (1,213,000) fell 2.5%, but the number of new active customers (305,000) increased 2.4%.
For the entire 2010 fiscal year, gross gaming revenues increased 15.2% to €514.6 million, while net gaming revenues rose 9.4% to €408.0 million. Sports betting accounted for more than half of the gross gaming revenues in 2010 at €259.3 million, a 14.6% jump from 2009.
Poker fared even better on a percentage basis, with gross gaming revenues rising 17.4% from 2009 to 2010 (€118.8 million to €139.5 million). bwin attributes the bulk of the success to its Italian and French offerings.
Casino games were not as successful because of the aforementioned departure of the French market, but gross gaming revenues in the segment were still up 1.3% versus 2009 (€74.7 million versus €73.7 million). Things should be brighter in 2011, as casino table games are set to launch in Italy this year.
The “games” segment, which includes mini games and bingo, saw gross gaming revenues jump 47.7% to €41.0 million. Mobile gaming skyrocketed from €6.8 million to €12.4 million, an increase of 82.9%.
In other bwin news, its merger with Party Gaming is still on track for the end of the month. Party Gaming released a statement on Wednesday announcing that the Supreme Court of Gibraltar issued a court order that sanctions the merger, effective March 31st. Shareholders of both companies approved the transaction on January 28th.
Currently, PartyPoker ranks as the third most trafficked online poker room or network in terms of cash games, according to PokerScout.com. bwin’s Ongame Network ranks fifth, although the merged company will be selling the Ongame Network as a “surplus asset.” What this means is not exactly known at this point and how many Ongame customers will be part of the new network is up in the air.
These rankings also do not include either company’s French and Italian products. Regardless, it looks like the merged network will be solidly entrenched as the third most trafficked cash game site behind PokerStars and Full Tilt Poker.
