Bwin blames poker for profits drop

Online gaming firm Bwin.party today revealed a drop in profits after it was dealt a blow from greater competition in poker markets.

The owner of Foxy Bingo, PartyPoker and PartyCasino said like-for-like revenues dropped 3% to €398m in the six months to June 30.

In its first set of results since the merger of Bwin and PartyGaming in March, the group said it came up against stronger comparatives with the previous year, which was boosted by the World Cup.

Revenues at its poker business declined 10% to €104.9m amid greater competition, including a campaign from rival 888 fronted by former Australian cricketer Shane Warne.

Underlying profits fell 21% to €72.4m after the group, which generates a quarter of its income in Germany, was hit by increased gaming duties as it launched in newly regulated markets.