Playtech Juggernaut Rolls On in Q2 2012By: Joan Peppin, Sunday August 26th 2012
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Of all the listed online gaming software providers, Playtech has been posting the best financial results quarter after quarter. The results for Q2/12 ended June 30 have just been released. There is tremendous improvement as compared to Q2/11 and marginal improvement as compared to Q1/12.
The total revenues across all activities of the company were €78.6 million, which was up 99% as compared to Q2/11 and up 5% on Q1/12. The press release also gave the break up according to major product verticals. The performance of the online casino segment was by far the best. The Q2/12 revenues were €37.1 million, which were up 36% on Q2/11 and up 8% on Q1/12.
The bingo Q2/12 revenues were €4.4 million, which were up 21% on Q2/11 and up 1% on Q1/12. Poker revenues, however, showed a declining trend. The revenues at €4.4 million were down 12% on Q2/11 and down 18% on Q1/12. Playtech has also reported separate figures from its key subsidiaries and partnerships. Videobet revenues were €2.8 million, up 36% on Q2/11 and up 15% on Q1/12. The share of profit in William Hill Online was €9.5 million, which was up 7% on Q2/11 and down 29% from Q1/12.
The online casino players will be more interested in the operational highlights of Playtech. Many of the leading Playtech licensees, such as Bet365, William Hill, Betfair and Casino Gran Madrid, have launched in the recently regulated Spanish market. More Playtech licensees are expected to launch in September. The migration of Gala Coral to the Playtech platform is progressing as scheduled. The first two phases that included Gala Bingo and Gala Casino were completed successfully in July 2012 and are performing well. Playtech’s mobile casino is also developing as per plan with online casino operator Paddy Power launching nine games in an integrated mobile solution. Playtech’s online poker and online bingo network have also exhibited landmark events. Playtech’s iPoker network, hosted the live iPOPS events at the Gran Casino de Barcelona, with a total guaranteed prize of $1 million. During this quarter the largest bingo network progressive jackpot promotion was completed and delivered £2.5 million in prize money to players. The developments on the corporate front were also listed in the Playtech press release. Playtech was admitted to trading on the London Stock Exchange’s Main Market on July 2.
Playtech’s Chief Executive Officer Mor Weizer commented that the first half performance for 2012 had been very encouraging for all products, with the exception of poker. He said, “Although we anticipate a seasonal slowdown during the traditionally weaker summer months, I believe that the Company is well positioned to maintain the momentum into the rest of the year.”
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