bwin.party digital entertainment plc said Tuesday that it expects to be among the first wave of operators to be awarded gaming licences in Spain and Denmark ahead of their respective market openings in 2012.
In a pre-close trading update to the London Stock Exchange this morning, bwin.party said that revenues since the end of September were in line with management expectations, with full year continuing clean EBITDA margins expected to be in the range of 22 – 24 per cent.
The company submitted licence applications for Spain at the end of last month, with bwin.party expecting approvals for sports betting, casino, poker and bingo products to be issued in the first wave of licences ahead of the market opening in 2012.
In Denmark, bwin.party also expects to be among the first wave of operators to become licensed to offer online poker, casino and sports betting at the beginning of January 2012, having submitted licence applications in October.
Since launching its €75m share buy-back programme in September, bwin.party has purchased 13,970,335 shares at a total purchase price of £17.6m (€20.8m), with an average price of approximately 126 pence per share. These purchased shares have been cancelled.
The company re-affirmed that it remains on-track to deliver approximately €40m of synergies in 2012 and the full €65m of annualised synergies in 2013 as previously announced, despite the postponement of certain integration projects in order for the company to be ready to launch into Spain and Denmark at the beginning of 2012.
bwin.party added that the sale process for Ongame's B2B business is currently at an advanced stage, having attracted a number of interested parties, but is unlikely to be finalised before the end of the year.
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