Business

Internet betting firm Bwin sees profits rise

Poker chips
Image caption Bwin is planning to overhaul its poker products

Internet betting firm Bwin.party Digital Entertainment has reported a rise in half-year profits thanks to strong demand for its sports betting and casino products.

The company said net profit rose 13% to 92m euros ($115m; £73m), with revenue up 3% to 410m euros.

But Bwin said its poker division remained weak and that it took a hit from increased gaming taxes.

Its shares were down 4.6% to £94.46 in morning trade in London.

The firm added that average daily revenues had been down in July and August as the Euro 2012 football championship ended and the start of the German Bundesliga was delayed due to the Olympics.

The group, which was created from a merger in 2011 between Bwin Interactive Entertainment and PartyGaming, said it was also affected by the economic weakness in southern Europe.

"It has been difficult for us, the two markets that have been most challenging have been Italy and Spain," said chief financial officer Martin Weigold.

"Last year we saw a significant dip in Greece but actually Greece now seems to be levelling out a bit."

Earlier this month, the firm signed a three-year sponsorship deal with Manchester United, becoming the club's "official online gaming and betting partner".

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