Casino News: Bwin Interactive Entertainment

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The Reuters news agency reveals that Vienna listed online gambling group Bwin Interactive Entertainment has failed a Euro 2.25 million hit following a project to acquire a sports betting license in Turkey did not succeed. The loss occurred as soon as the company registered for a license in Turkey last year, but had not gotten exposure until the Austrian magazine Profil revealed on the issue.
In March 2007 Bwin informed the media that it had chosen to for the time being depart from the Turkish market according to new laws. The Bwin announcement stated that the new law banned online games of possibilities, but it as well banned for the opportunity of licensing the businesses in the future. This most probably led to Bwin registering for such a license.

At the time of its pulling out the company produced about 6 % of its total gaming incomes in Turkey. Uncertain business in that nation could mean a Euro 25-20 million drop in total gaming incomes each year, market analyst estimated.

Bwin has been unlucky in "force majeure" type events which does not regard its control what so ever. In March 2006, it obtained Ongame, which concentrates on online poker and runs PokerRoom.com. The attainment cost the company about Euro 500 million. Bwin afterward had to cancel a great deal of the value following the Unlawful Internet Gambling Enforcement Act was contracted into law in October 2006 in the United States.

Bwin runs according to international and regional licenses in countries including Gibraltar, Kahnawake, Belize and Germany, Italy, Mexico, Croatia, Austria and the United Kingdom. The group, which is a key associate of the EGBA, provides sports betting, poker, casino games and soft games with most income generating from poker and sportsbetting. Competence centers are located in Vienna, Austria, Stockholm, Sweden and Gibraltar.

The mother company, Bwin Interactive Entertainment AG, has been listed on the Vienna Stock Exchange since March 2000.

 

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