Fall in poker leaves bwin far from flush after World Cup win

The World Cup was a double-edged sword for gambling website bwin.party digital as favourable results were offset by poker players deserting the online tables to watch the football, it emerged today.

Its latest update showed a “mixed” quarter for the business, as the football festival sucked in new gamblers, generated a few shock results, and saw several knock-out games settled by draws and penalties — which plays into the bookies’ hands.

Profit margins were a “little better” than expected but overall trading between April and June “a little softer” as the tournament exacerbated the traditional seasonal slow-down for poker.

The “challenging backdrop” also had a knock-on impact on bwin’s casino games, according to chief executive Norbert Teufelberger. Newly opened online poker markets in the US such as New Jersey have also disappointed so far.

Bwin also flagged up an extra €10 million (£8 million) in cost savings on top of the €20 million already earmarked. Detailed plans will be set out at the half-year results but jobs are likely to be cut among the company’s 2800 staff.

Shares edged 0.5p lower to 85.8p.

Panmure Gordon’s Karl Burns said: “Bwin.party continues to struggle to grow its regulated casino, poker and bingo business.

"Within sports it is competing against top-quality operators such as William Hill, Betfair, Bet365 and Paddy Power.”