Playtech Announces Its Second Quarter Results
by Hillary LaClair, Senior Editor
Playtech, the world’s largest publicly traded online gaming software supplier, has released its second quarter trading update and key performance indicators this week, showing its continued growth in the industry. Playtech’s CEO More Weizer proudly announced revenues this year of over $42 million, a 75% increase from last year and 9% from the first quarter.
“The second quarter of 2008 was a further significant period of growth for Playtech. This level of performance, particularly considering the impact of the Euro 2008 football tournament and traditional seasonality, is very impressive with licensees continuing to win relative market share,” said Weizer. “For the year to date, total revenues have increased by 85 percent. The Company has had a good start to July with further continued growth in both casino and poker. With organic growth and the launch of new licensees in Q3 and beyond we look forward to a strong quarter and the Board is highly confident of the prospects for the full year.”
The report shows that internet casino gaming is responsible for most of the revenue this year. Online casino revenues saw a 77 percent increase from $27.2 million last year to $30.8 million. To show how widely used Playtech software is, the entire online casino industry this year saw a 78% increase at $58 million. Playtech makes up 52% of that revenue. Online poker revenues totaled $11 million, showing a 74% increase. Overall the industry has grown 109% at $22 million.
The online gaming developer also announced its intention to seek further acquisitions and partnerships. Playtech has signed 10 new license agreements this year. Among Playtech’s new partners are Betsson, Vista Global limited, a subsidiary of Genting International, and Paramount Digital Entertainment, allowing for Playtech licensees to host games featuring Paramount Pictures brands, “Gladiator” and “The Untouchables.” The company intends to sign 8 more license agreements, as part of its emphasis on well established and reputable online casino operators. The team has partnered with Italian operators, and is currently working on a poker network for the Italian market.
Weizer commented, “This has been another outstanding quarter for the Group. With significant new license agreements signed during the period and with the soft launch of the Asian P2P games and flash poker product, Playtech is well positioned to grow in Q3 and beyond.”
It is no coincidence that since its founding in 1999 that Playtech has become the leading software for online casinos and other gaming websites. Playtech is incorporated in the British Virgin Islands, its head office located in the Isle of Man. The group mainly operates out of Estonia, Bulgaria, the Philippines and Israel. Playtech has offered a platform in which gaming activities such as online casinos, Bingo, online poker, mobile gaming, fixed-odds games, live gaming and land based kiosk networks may function as “stand-alone applications.” Of the sea of software developers, Playtech offers the widest variety of games, most efficient random number generators and technical systems testing, and state of the art graphics, making every gaming experience enjoyable.
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