Bwin. Party Digital the new merger of Austrian Bwin and London listed Party Gaming has released its first quarter results showing net revenues increased by 2% to €217.8 million.

Following the US authorities clamping down on illegal gaming sites, seizing bank accounts and website domain names Bwin.Party has seen noticeable benefits.

Key performance indicators for the full year 2010 period:

Sportsbetting - (Key Brand: bwin )

- 2010 net gaming revenue Euro 258.6 million

- Amount wagered in 2010 Euro 3.9 billion

Casino and Other Games - (Key Brands: PartyCasino and bwin Casino )

- 2010 net gaming revenue of Euro 241 million

- Amount wagered in 2010 - Euro 8.2 billion

Poker - (Key Brand: PartyPoker )

- 2010 net gaming revenue Euro 226.3 million

- Amount wagered in 2010 Euro 11.7 billion

Bingo - (Key Brands: Foxy Bingo, Cheeky Bingo, Party Bingo )

- 2010 net gaming revenue - Euro 71.3 million

Company total pro forma revenue of Euro 830.1 million

Profit After Tax of Euro 50.4 million (2009: Euro 27.6 million)

The company saw a 33% increase in average daily new member sign ups at its poker sites in the last two weeks of April following the action by US authorities.

"Following steps taken by the US government to enforce its laws, we have seen an uplift in new player sign ups on our poker sites despite the impact of seasonality," claimed Jim Ryan, Chief Executive of Bwin.Party

While this represents only a short trading period, it is nonetheless encouraging," he added.

The company is facing significant challenges with poker revenues declining 14% to €54.0 million and the German government announced plans to change the tax structure which could lead to a 16% levy on turnover from sports betting. As a result of the tax uncertainty in one of the main markets in Europe Bwin.Party shares saw their share prices dropping nearly 40 percent after the new company merged earlier this year. It has since recovered a lot of this amount as the US authorities closed Poker Stars, Full Tilt and Absolute Poker and charged the directors with various crimes relating to illegal gambling.

At the time of writing the Bwin.Party shares were valued at 142p on the London Stock Exchange