Bwin.party sees rise in revenue after Full Tilt closure
Fans of Full Tilt Poker will be pleased to hear that the chief executive officer of Groupe Bernard Tapie (GBT), Laurent Tapie, has announced that their take-over deal will be complete in a few weeks. All they are waiting for is the US Department of Justice to complete their procedures.
As with any take-over deal there are still a number of issues to be resolved, the main one is how former players will be paid. The US D of J will be handling refunds to US players whilst GBT will be playing players from the rest of the world. However, it is not yet known if players will be paid immediately or over a pre-defined time period.
In the meantime Bwin.party, the gaming company which was formed when bwin and Partygaming merged has been benefiting from the absence of Full Tilt. Bwin.party has reported a year-on-year revenue growth of 3% in the third quarter.
In the third quarter of this year their revenue was €201 up from €194.7m in the same period of last year. Bwin.party operates in the UK, France and Italy and has also seen a strong rise in sports betting revenue, it rose 11% from the previous quarter up to €60.2m.
They also saw a 6% rise in sign-up numbers from the previous quarter mainly thanks to the launch of new products in Italy. Next year will see Bwin.party expand even further. Joint Chief Executives Jim Ryan and Norbert Teufelberger said that they “are on-track to launch new regional labels in both Spain and Denmark on 1 January 2012.”
At present GBT is hard at work to get Full Tilt back up and running. They are applying for a license through the French authority ARJEL. There are also plans to pay the Kahnawake Gaming Commission to get a temporary license.