European Sportsbooks Report Major First Quarter Gains

Four European Gaming companies are reporting major gains in first quarter revenues reversing a string of unexpected losses in the Gaming industry.

International gaming firm, bwin Interactive Entertainment AG has reported a 10% gain in first quarter profits as compared to last year for a net profit of €11.0 million. As a whole, bwin experienced a total gross gaming revenues jump of 21.3% to a record high of €104.6 million, fueled mainly by a 27.4% rise in sports betting gaming revenues (bringing that total to €60.6 million.) Meanwhile, Casino and Poker revenues saw minor gains to end up with €16.4 million and €22.7 million in total revenues respectively. The positive fiscal reports have triggered a 2.63% rise in the publically traded stock (listed as BWIN.VI on the Vienna market) to €21.43.

On the London Stock Exchange, Paddy Power (LSE:PAP) gained 4.68% to close at €24.60. The rise was sparked by an announcement from the European sportsbook that it is expecting a 14% rise in operating profits for 2008 – ahead of the previous 8% forecast by about €6 million.

Sweden's Entraction Holding AB has grown its customer base by 10% with a 13.8% increase in active customers. The membership growth for the digital entertainment group has been coupled with a 48% spike in total revenues for the owners of the 24hPoker Network. However, concerns over the expected seasonal downturns in the second and third quarters caused the stock to drop 7% to SEK0.53 yesterday in Stockholm. Executive leadership has suggested that the seasonal downturn should be offset by the influx of new members.

Irish based International financial spread betting company, WorldSpreads Group plc has listed its stock on the Irish Stock Exchange, marking a turning point for the newly launched lEX stock exchange. Following a more than doubling of its London listing (London IPO price of 47.00 pence, to yesterday's closing price of 110.00 pence) WorldSpreads is looking to the Irish Exchange to both consolidate its Irish base and produce additional share liquidity by listing its price in the Euro.

These reports come as welcome news to the Remote Gaming industry as multiple companies have reported severe declines as of late, particularly in the sector of sports betting