Bwin.Party Splitting Focus?
Reports from The Financial Times this week have stated that online gambling giant Bwin.party is considering splitting the company into two. According to the respected financial publication, one company will continue to focus only on regulated markets while the other will look to operate in other markets. The stock market responded to this news as Bwin.party stock rose by nearly 4%.
There are a number of regions in the world where the legalities of online gambling are something of a grey area. Relatively recently, Bwin.party ceased operations in a number of such regions and stated that their policy was to offer their services only in regions that were fully regulated. The company has also been taking action to settle disputes based on their previous activity.
For example, last month they reached agreement with the state of Kentucky to pay them $15 million. This was in settlement of a civil action that Kentucky had launched prior to the merger of PartyGaming and bwin, in respect of the losses incurred by Kentucky residents at PartyGaming gambling sites. The company used to operate in the United States prior to the introduction of the Unlawful Internet Gambling Enforcement Act in 2006.
If the reports in The Financial Times are true though, it would appear that there has been a shift in this policy of avoiding unregulated markets. It is possible that this change is a result of the disappointing revenue figures that Bwin.party has announced so far in 2013. There has not yet been any formal comment on the subject by the company.
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