Report: Bwin.party Online Casino Site May Be Sold

Sun, Jul 6, 2014

Bloomberg News, citing unidentified sources, reports that bwin.party is considering selling off its online casino component. The company is considering several options to increase shareholder value, the report said.

Bwin.party digital entertainment Plc, is considering selling some or all of the company as part of a strategic review according to Bloomberg News.

Bloombergcited two unidentified sources with knowledge of the company’s plans in the report.

Bwin then issued a press release denying the report and saying it had no plans to break up the company.

According to Bloomberg, the Gibraltar-based company has hired Deutsche Bank AG to consider its options. The company will decide within two months on what action it will take.

The report notes that the discussion at bwin.party follows a share drop, a change in board leadership and a disappointing start to online betting in the U.S.

Philip Yea, was appointed bwin chairman in April and the company has settled a proxy fight for board seats with SpringOwl Asset Management LLC, led by former casino analyst Jason Ader.

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