Bwin Party merger ups earnings

Bwin.Party’s shares jumped seven per cent yesterday as the group reported an annual revenue surge of 93 per cent. The merger of Bwin and PartyGaming took revenues at the combined company to €691.1m, with underlying earnings up three per cent to €199.3m. But after tax, the company took a €431m hit and, as it is based in Gibraltar, the company’s future results will have to factor in the new gambling tax for online bets placed in the UK, outlined in last week’s Budget.