Gambling company Bwin sees World Cup soccer as boost for 2014

Reuters News
Posted: Dec 18, 2013 2:48 AM
Gambling company Bwin sees World Cup soccer as boost for 2014

LONDON (Reuters) - Online gambling company Bwin.Party said on Wednesday the outlook for next year was positive thanks to betting on the soccer World Cup and growth prospects in the United States.

Trading in 11 weeks since the end of September 2013 has been in line with its expectations, the company said.

Bwin is focusing on fewer, better-regulated markets and is expanding in the United States, as gambling rules are relaxed in places like New Jersey.

It said it had marketing and launch costs of between 7 and 10 million euros after setting up online poker and casino games when New Jersey reopened its markets last month, one of a number of states to relax a federal ban imposed in 2006.

Bwin said last month that a block on access to online gambling sites in Greece will hit revenue and profit this year, adding to the decline caused by its strategy of focusing on fewer markets.

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Walter E. Williams

In a trading statement on Wednesday, Bwin said Simon Duffy, its non-executive chairman, would stand down at next year's annual meeting in May.

The company said it had also secured a 50 million pound credit facility from Royal Bank of Scotland.

(Writing by Keith Weir; Editing by Clara Ferreira-Marques)