A potential break-up, looming regulatory changes and high-profile mergers in the sector have weighed heavy on the Bwin.Party Digital Entertainment (BWIN). Activist investor Spring Owl - spearheaded by former Bear Stearns gaming analyst Jason Ader - spooked investors earlier this year when it submitted a 37-page manifesto detailing a potential spin-off of the group's US assets and a break up of the 'regulated' and 'unregulated' businesses.
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Now, the latest trading update is mixed at best, with strong revenue from sports betting only partially offsetting a poor performance in poker and casino. Encouragingly, the World Cup has boosted trading since June.
