Playtech Consolidates Market PositionBy: Joan Peppin, Thursday January 27th 2011
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The leading online gaming software provider Playtech has announced its key performance indicators and financial highlights for the year and the fourth quarter ending December 31, 2010. These demonstrate that Playtech has consolidated its position in those sectors of the online gambling industry it operates in and should continue to do so in 2011.
On the financial side the relevant information is that gross income is up 26% to €173.1 million for the full year 2010, from €137.3 million for 2009. However the online casino players would be more interested in the operational highlights. Playtech powered RAY, the online poker and casino provider in Finland was successfully launched in November, and registered 60,000 players by December 21, 2010. Online bingo halls for licensees Unibet and the Italian operator Codere went live in the last quarter of 2010. The popular Playtech online casino Bet365 added the Games tab and the operator Titan entered the French online poker market. The Videobet FOBT roll-out is progressing well in the United Kingdom. Operators that are due to go on stream in 2011 are Tain online casino, Buongiorno in the soon to be opened Italian online casino market and Nordic Bet online bingo hall.
One of the key announcements made by Playtech Chief Executive, Mor Weizer, was the acquisition of Intelligent Gaming Solutions (IGS). He said, "Today we have also announced the acquisition of IGS, a developer of casino management systems for an initial £2.5 million cash consideration. We see this deal as furthering what is already Playtech's unique competitive advantage and cross platform capabilities as the trend of convergence of land based and online segments continues." Playtech would have to pay up to a further £3.0 million based on the profitability of the IGS business over the next three years.
IGS provides software based casino management systems to land-based casinos and has installed systems in nine casinos in Europe. The benefit that Playtech will derive from this acquisition is that it will have on board a highly regarded management team and software development capability in a business area that is complementary to its existing business. Weizer said that as land-based operators look to develop an online presence, the IGS casino management system will allow for seamless integration of both formats across all channels.
IGS founder, Martin Sykes said that his team looked forward to partnering with Playtech and contributing to the development of a leading cross-platform solution. Referring to Playtech's Videobet product he said, "Playtech's Videobet software has set new standards in server-supported gaming and the IGS solution will extend the Videobet portfolio throughout the land-based operation."
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