Baron Funds Comments on Bwin.party Digital Entertainment

Aug 30, 2012

From Baron Funds second quarter commentary:

bwin.party digital entertainment plc (LON:BPTY, Financial), one of the largest online gaming companies, declined approximately 30% this quarter. The decline was due to new taxes imposed by the German and Spanish governments on online gaming markets which lowers its operating profit in the short term. However, in addition to taxation, these countries passed favorable regulations which allow online gaming companies to publicly advertise.We believe this creates significant upside for bwin.party digital entertainment over the longer term. We also believe this growth, plus the potential legalization of online gaming in the U.S., should increase the company's earnings over time. (David Baron)

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