UPDATE 1-Bwin.party Q2 revenue falls short of expectations
LONDON, July 10 (Reuters) - Lower margins in sports betting pushed second quarter revenues from Bwin.Party below expectations, the online gambling company said on Wednesday.
Bwin has also been hit by the introduction last year of a turnover tax on sports betting in Germany, its largest market, and competition in the bingo sector in Britain and Italy.
Like other online gambling companies, Bwin is focusing on fewer markets where it can make better returns and also preparing to expand in the United States as markets open up there.
"While the revenue performance was down on last year, we remain on course to deliver the targeted 70 million euros ($89.50 million) of cost savings in 2013 with more to follow in 2014," CEO Norbert Teufelberger said in a statement.
The company said its licence applications in New Jersey were at an advanced stage and it was preparing for markets to open up there in November.