Online gaming group bwin.party has reported Q1 total revenues of €165.7m, up one per cent on Q4 2013 but down eight per cent year on year, from €180.2m in Q1 2013.
Despite blaming the overall trend on ISP blocking in Greece, migration losses and a challenging poker market in Europe, there was still encouraging news.
Nationally regulated and/or taxed markets now represent 56 per cent of total revenue – a year ago it was 51 per cent – while mobile gaming accounted for 17 per cent of total gross gaming revenue, up from eight per cent in 2013.
Norbert Teufelberger (pictured), CEO, said: "The business has continued to deliver sequential growth since Q3 2013, which we predicted would be the low point in terms of revenue performance.
"While we are investing in growing our share in nationally regulated markets, the €20m of additional cost savings should help to drive higher clean EBITDA margins in 2014.
"We remain optimistic about new market opportunities in the US with online poker bills currently being reviewed in California and New York. On the back of our early success in New Jersey, together with our partners, we are determined to secure leading positions in all eligible states that represent a significant business opportunity.”
In a separate move, the company has appointed Philip Yea, the former 3i chief executive, as its new chairman. Yea, a former Guinness and Diageo finance director, replaces Simon Duffy, who announced he was stepping down in December.
"I am delighted to welcome Philip Yea's appointment to the board,” said Teufelberger.
“Philip brings a wealth of experience that I am sure will prove invaluable as we continue our transition to nationally regulated markets.”
