Monday, March 05, 2007

Austrian internet bookmaker bwin.com said on Friday it would temporarily
withdraw its online gaming offers from Turkey after a new law was passed on
Feb 28.
"Although on one hand, the new law prohibits online games of chance, on the
other it also provides for the possibility of acquiring a license at a later
date," bwin said in a statement. Bwin generates about six percent of its
gross gaming revenues in the country, which meant the halt on its Turkey
business could slash gross gaming revenues by 15-20 million euros ($26.3
million) per year, according to a spokesman. Bwin said it would aim to
acquire a license if Turkish authorities chose to issue any, adding it was
unclear when this could be the case. Online gambling companies are facing
increasingly stringent regulation in the United States and Europe, with
governments curbing Internet gambling to protect customers and state-run
lotteries. Last year, bwin wrote off most of the value of its U.S. poker
website, which it acquired for more than 500 million euros earlier in 2006,
after the United States effectively outlawed Internet gambling. By 1550 GMT,
bwin shares traded down 3.0 percent at 24.00 euros, making it the top
percentage loser in Austria's blue-chip index ATX which was up 0.75 percent.