Bwin.party Scoping Out U.S.


08/31/2011
By Maria McCoyGoogle

 

While some remain skeptical about the possibilities of online gambling legalization and regulation in the US, bwin.party CEO Jim Ryan remains optimistic.  While discussing his company’s strategic plans, Ryan revealed that bwin.party is looking for U.S. partners.  He expects that online gambling will be legalized and regulated in the U.S. “in the near term.”

 

Ryan’s optimism is backed by actions.  Bwin.party is currently in the final stages of agreements with partners on the East and West coasts; they are deeply involved with lobbying groups at the state and federal levels.  The identity of the partners is remaining, in the meantime, a company secret.

 

Ryan suggested that the brands that stand to gain the most from U.S. exposure are WPT, Poker Room, and PartyPoker.  He hopes that they will be the first to pick up where the major online poker sites who were shut down by the USDOJ last spring had left off.  Furthermore, Ryan clarified that his company has no intentions of purchasing Full Tilt Poker.

 

Bwin.party’s earnings before interest, taxes, depreciation and amortization were lower than last year by about 22 million Euro, though they still registered 21% earnings for this year.  The reasons for the lower earnings are mostly due to rising taxation and regulation costs hitting the company. 

 

Among the company’s individual products, Online Casino was their only one that actually grew over the course of the year.  The online sports betting dropped in value by 2%.  Despite the losses of the past year, Ryan remains optimistic for the outlook of bwin.party for the coming years.


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