Bwin Deny 888 Take Over Talks
23rd November, 2009
According to an article from eGaming Review, chief executive of online gambling operators Bwin and 888 have dismissed rumours of an imminent takeover of 888 by Austrian company, Bwin.
Co-chief executive Norbert Teufelberger commented on the rumours from the German investment community and of Bwin being in the process of raising cash to carry out the acquisition:
“We have contacts with everybody [in the industry] and common goals in that we want to operate in regulated markets. So yes, we talk to many operators and consolidation is always an option, but in this instance there has been no call to raise funds from existing shareholders with a view to acquiring 888.”
888’s chief executive Gigi Levy also dismissed the rumours, “We have known Bwin for a long time but there is no truth in these rumours.”
The Austrian operator announced strong third quarter results last week with earnings up 75% on the same period last year. Bwin acquired Italy’s leading poker site Gioco Digitale during this period. Although, Teufelberger denied that this shows an implicit indictment of the achievements of Bwin’s Italian poker activities.
“We are the only international operator with a significant presence in Italy and with the further opening up of the products we will be able to offer, we want to be a strong player there from the word go, and acquiring Gioco Digitale enables us to do that. When we look at it at the end of next year, I believe we will view it as being good value for money.”
By Faye
