Bwin Reports increased gross gaming revenue for 2006

Austrian online gaming operator bwin Interactive Entertainment AG reported the gross gaming revenue, which is total betting volume minus customer winnings. This came in at euro 381.8 million in 2006, up from euro 144 million in 2005.

It also reported a net loss for 2006 because of depreciation charges related to its Swedish acquisition Ongame.The net loss came to euro539.6 million , against a net profit of euro6.38 million in 2005.

Bwin said it booked an impairment charge of euro516.6 million for its Ongame unit, which has had a 70 percent revenue slide since Internet gambling was effectively banned in the U.S. last year. Bwin bought Ongame in 2005.

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