Bwin reports results

15 May 2008

NA, Austria -- (PRESS RELEASE) --

- Q1 2008 (pro forma consolidated)

- Record Gross Gaming Revenues: up 21.3% to Eur 104.6 Million (Q1 2007: EUR 86.2 Million)*

- Record Sports Betting Gross Gaming Revenue: up 27.4% to EUR 60.6 Million (Q1 2007: EUR 47.6 Million): Sports Betting Margin of 8.7%*

- Record Net Gaming Revenues: up 17.5% to Eur 91.9 Million (Q1 2007: EUR 78.2 Million)*

- 925,000 Active and 254,000 New Active Real-Money Customers (Up 19.5% And 27.9% Respectively)

- EBITDA (adjusted) at EUR 25.8 Million (Q1 2007: EUR 24.6 Million)

- Result After Tax EUR 11.0 Million (Q1 2007: EUR 9.9 Million)

*2007 excluding Turkish operations, which ceased at the beginning of March 2007.

In Q1 2008 bwin continued to chart its profitable growth course, reporting an adjusted EBITDA margin of 28.1% with record net gaming revenues.

In Q1 2008 bwin generated gross gaming revenues (sum of gross gaming revenues from betting operations, poker, casino and games) of EUR 104.6 million. This represented an increase of 21.3%, compared to the same period the previous year (Q1 2007: EUR 86.2 million).

Turnover for sports betting rose 12.3% compared to Q4 2007 to EUR 698 million, or 38.4% compared to Q1 2007. With a sports betting margin of 8.7% (Q4 2007: 9.6%; Q1 2007: 9.4%), bwin reported sports betting gross revenues of EUR 60.6 million. This represented an increase of 27.4% compared to the same period the previous year.

Net gaming revenues (gross gaming revenues less all deductions such as betting duties, casino taxes and bonuses granted to customers) amounted to EUR 91.9 million in Q1 2008. This represents an increase of 17.5% compared to Q1 2007. This was attributable mainly to an increase in net gaming revenues from sports betting to EUR 52.3 million (up 22.6% compared to Q1 2007) and poker to EUR 20.3 million (up 12.6% compared to Q1 2007 or up 6.8% compared to Q4 2007).

The positive development in the customer base since Q3 2007 continued both with active and new active real-money customers in Q1 2008. The number of active customers therefore rose by 19.5% to 925,000 (Q1 2007: 774,000), whilst the number of new active customers was up 27.9% to 254,000 (Q1 2007: 199,000).

After adjustment for non-cash expenses (IFRS 2 - share-based remuneration) in the amount of EUR 4.1 million, EBITDA (earnings before interest, taxes, depreciation and amortization) in Q1 2008 improved compared to the same period the previous year to EUR 25.8 million (Q1 2007: EUR 24.6 million). This increase, especially by comparison to the previous quarter (Q4 2007: EUR 13.2 million), was largely attributable to significantly reduced operational expenses.

In Q1 2008 the Company was able to reach agreement with the remaining sellers on a reduction of the conditional purchase price liability in connection with the acquisition of bwin Games AB (formerly Ongame Group). In the quarter under review, bwin stated a reversal of impairment charges in the amount of EUR 2.6 million due to the waiving of the remaining purchase price liability. Adjusted operating income (EBIT) improved to EUR 16.4 million in Q1 2008 (Q1 2007: EUR 13.8 million).

A result of EUR 11.0 million after taxes and third-party interests in Q1 2008 compares with EUR 9.9 million in Q1 2007.

Bwin reports results is republished from CasinoCityTimes.com.

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	Bwin reports results 15 May 2008 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> NA, Austria -- (PRESS RELEASE) -- - Q1 2008 (pro forma consolidated) - Record Gross Gaming Revenues: up 21.3% to Eur 104.6 Million (Q1 2007: EUR 86.2 Million)* - Record Sports Betting Gross Gaming Revenue: up 27.4% to EUR 60.6 Million (Q1 2007: EUR 47.6 Million): Sports Betting Margin of 8.7%* - Record Net Gaming Revenues: up 17.5% to Eur 91.9 Million (Q1 2007: EUR 78.2 Million)* - 925,000 Active and 254,000 New Active Real-Money Customers (Up 19.5% And 27.9% Respectively) - EBITDA (adjusted) at EUR 25.8 Million (Q1 2007: EUR 24.6 Million) - Result After Tax EUR 11.0 Million (Q1 2007: EUR 9.9 Million) *2007 excluding Turkish operations, which ceased at the beginning of March 2007. In Q1 2008 bwin continued to chart its profitable growth course, reporting an adjusted EBITDA margin of 28.1% with record net gaming revenues. In Q1 2008 bwin generated gross gaming revenues (sum of gross gaming revenues from betting operations, poker, casino and games) of EUR 104.6 million. This represented an increase of 21.3%, compared to the same period the previous year (Q1 2007: EUR 86.2 million). Turnover for sports betting rose 12.3% compared to Q4 2007 to EUR 698 million, or 38.4% compared to Q1 2007. With a sports betting margin of 8.7% (Q4 2007: 9.6%; Q1 2007: 9.4%), bwin reported sports betting gross revenues of EUR 60.6 million. This represented an increase of 27.4% compared to the same period the previous year. Net gaming revenues (gross gaming revenues less all deductions such as betting duties, casino taxes and bonuses granted to customers) amounted to EUR 91.9 million in Q1 2008. This represents an increase of 17.5% compared to Q1 2007. This was attributable mainly to an increase in net gaming revenues from sports betting to EUR 52.3 million (up 22.6% compared to Q1 2007) and poker to EUR 20.3 million (up 12.6% compared to Q1 2007 or up 6.8% compared to Q4 2007). The positive development in the customer base since Q3 2007 continued both with active and new active real-money customers in Q1 2008. The number of active customers therefore rose by 19.5% to 925,000 (Q1 2007: 774,000), whilst the number of new active customers was up 27.9% to 254,000 (Q1 2007: 199,000). After adjustment for non-cash expenses (IFRS 2 - share-based remuneration) in the amount of EUR 4.1 million, EBITDA (earnings before interest, taxes, depreciation and amortization) in Q1 2008 improved compared to the same period the previous year to EUR 25.8 million (Q1 2007: EUR 24.6 million). This increase, especially by comparison to the previous quarter (Q4 2007: EUR 13.2 million), was largely attributable to significantly reduced operational expenses. In Q1 2008 the Company was able to reach agreement with the remaining sellers on a reduction of the conditional purchase price liability in connection with the acquisition of bwin Games AB (formerly Ongame Group). In the quarter under review, bwin stated a reversal of impairment charges in the amount of EUR 2.6 million due to the waiving of the remaining purchase price liability. Adjusted operating income (EBIT) improved to EUR 16.4 million in Q1 2008 (Q1 2007: EUR 13.8 million). A result of EUR 11.0 million after taxes and third-party interests in Q1 2008 compares with EUR 9.9 million in Q1 2007. Bwin reports results is republished from CasinoCityTimes.com.