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Bwin said last month it was looking at ways of
boosting shareholder value but denied a report it was
considering a break-up or sale of its business.
In a trading statement on Tuesday, bwin said sports betting had
benefited from the soccer World Cup but described the
performance of its poker and casino business as "soft".
It said the cost cuts, coming on top of a previously announced
20 million euros, would help to offset investment in the
liberalized market in New Jersey and the impact of a block on
access to its products in Greece.
"We are taking steps to improve operating performance, simplify
decision-making, reduce complexity and costs and, as a result,
remain confident about the full-year outlook," said Chief
Executive Norbert Teufelberger.
U.S. activist investor Jason Ader's Spring Owl vehicle has taken
a 5 percent stake in the company this year and has a place on
the board. Ader has criticized the way the company has been
managed since it was formed by a 2010 merger.
Bwin shares edged lower to 86p by 0800 GMT, having fallen around
30 percent this year.
GVC Holdings, a smaller online sports betting company which is a
market leader in Latin America, said it had attracted 35,000 new
customers during the World Cup.
"The 2014 World Cup in Brazil has been a resounding success in
terms of recruiting new customers and generating increased
revenues for the Group on the back of increased but effective
marketing investment," it said in a trading statement.
(Writing by Keith Weir; editing by Tom Pfeiffer)
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