bwin.party is looking to position itself to profit if the online gambling market re-opens in the US, and is currently seeking out strategic partners to quickly move forward if US laws change in the near future.
Co-CEO Jim Ryan had the following to say as part of a discussion of the company's most recent financial results: "We have made the decision to target strategic partners. At the federal level, we are finalizing agreements with a couple of parties positioned nicely to operate in that market. In California, we are well advanced with a particular party. The same in New Jersey, consistent with where we are at a federal level."
Ryan pointed to some of the company's brands - PartyPoker, World Poker Tour, and Club WPT - which he feels are well-positioned to capitalize if the US embraces online poker via a taxed and regulated environment.
bwin and Party Gaming merged in March 2011 to form bwin.party, which offers online casinos, poker rooms, sportsbetting, and bingo sites.
bwin.party's stock price has suffered this year along with many other online gaming companies, receiving a small boost in August due to rumors that the company might be a acquisition target for an unnamed US casino.
bwin.party revenues were down about 20% compared to the same period last year, with increased competition and marketing costs blamed for the dip.
The company did claim additional cost-savings from synergies between the two companies and said the sale of its Ongame poker platform was on track to be completed by the end of 2011.
Its online casino operations - primarily offered through PartyCasino - were the only product to show growth, gaining 2% versus the same period last year. Poker revenues were off 10% and sportsbetting declined by 2%, with bingo coming in flat.
