BWIN have released the Q4 results showing a 15% increase in gross revenues for the year and daily revenues from 1st January to 17th March up 6.2%

Key financial indicators (pro forma consolidated, unaudited)

Gross Revenues              103.8        132.9         -1.6%      514.5    446.6      15.2%

Net Revenues                 103.1        109.8         -6.1%      408      373           9.4%

Development of business in Q4 2010 defined by forthcoming merger

• bwin established as one of the leading poker providers in France and a top three player in Italy ahead of further product expansion in 2011

• Preparations for forthcoming regulation in a number of European markets resulted in one-off expenditure for consulting and system development

• Continuing increase in turnover and customer volume in sports betting segment

• Gross gaming revenues slightly down year-on-year due to lower sports betting margin and intense competition in poker, but significant increase versus Q3 2010

• EBITDA impacted by IT-related expenditure in preparation for merger with PartyGaming (Xetra: A0MV75 - news) and forthcoming regulation in Europe (Chicago Options: ^REURTRUSD - news)

• Reorganisation by product segments in preparation for the merger with PartyGaming successfully completed

• Conclusion of merger scheduled for 31 March 2011

Current development of business above expectations coupled with reduction of costs

• Average daily gross gaming revenues (1 January - 17 March 2011) up 10.5% compared to Q4 2010 and up 6.2% compared to Q1 2010 to EUR 1.57 million

• Average daily net gaming revenues (1 January - 28 February 2011) up 5.2% compared to Q4 2010 to EUR 1.18 million

• Expenses for services received (e.g. external software writing and maintenance, consulting) for January and February 2011 down by approximately 15% compared to the monthly average of Q4 2010

Q4 2010 (pro forma consolidated)

• Gross gaming revenues of EUR 130.8 million (Q4 2009: EUR 132.9 million)

• Record (LSE: REC.L - news) sports betting turnover of EUR 917.0 million (Q4 2009: EUR 786.4 million)

• Sports betting margin of 7.1% (Q4 2009: 8.5%)

• Net gaming revenues of EUR 103.1 million (Q4 2009: EUR 109.8 million)

• Active customers: 1,213,000 active and 305,000 new active real-money customers (minus 2.5% and plus 2.4% respectively)

• EBITDA (adjusted*) of EUR 20.9 million (Q4 2009: EUR 34.3 million)

• Result after tax of EUR 5.2 million (Q4 2009: EUR 19.3 million)

*Excluding non-cash expenses in connection with share-based payment (IFRS 2) and one-off effects in connection with proposed merger.

Financial year 2010 (pro forma consolidated, including bwin e.K.)

• Gross gaming revenues up 15.2% to EUR 514.6 million (2009: EUR 446.6 million)

• Net gaming revenues up 9.4% to EUR 408.0 million (2009: EUR 373.0 million)

• Active customers: 2,606,000 active and 1,283,000 new active real-money customers (plus 9.0% and plus 16.4% respectively)

• EBITDA (adjusted*) of EUR 72.0 million (2009: EUR 102.2 million)

• Result after tax of EUR 13.9 million (2009: EUR 46.3 million)

*Excluding non-cash expenses in connection with share-based payment (IFRS 2) and one-off effects in connection with proposed merger.