Playtech Reports Half Year ResultsBy: Rick Balding, Friday August 26th 2011
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The leading online gambling software provider Playtech has just released the financial results for the first half of 2011. After adjusting for the €7 million impact of its withdrawal from the French online gambling market the revenues registered an 18% increase for the six months ended June 30. Even if this adjustment was not accounted for, revenues were up 5% from €72.9 million to €76.3 million. Net profit rose 2% to €37.9 million.
What interests online casino players more than the past result are the announcements made for the future and Playtech has scored here as well. The report referred to three major deals signed between the end of H1 and now. Playtech has already begun to benefit from its acquisition of PT Turnkey Services in July. The acquisition of the mobile specialist Mobenga will see Playtech making greater inroads into the mobile gambling markets. The most recent agreement is the 10 year supply deal with Gala Coral. Playtech CEO Mor Weizer said Gala Coral would launch a number of Playtech's products at its online casinos by early 2012. The objective is to replace Gala Coral's existing products and suppliers with Playtech. Weizer added that this deal reiterates that Playtech is the best choice for well-established online casino operators. In the first 54 days of Q3 of 2011 Playtech experienced a year-on-year increase in daily revenues of more than 23%. This was attributed mainly to the entry of Playtech operators in the Italian market for online casino games. Playtech was among the first software providers to have its licensees in Italy along with Ongame and 888.
The statement announcing the results also mentioned joint ventures and near term acquisition opportunities currently under discussion in certain key markets. Weizer refused to specifically identify the targets by name, though there are strong rumors that the software provider Ash Gaming is one of them. Weizer, however, did identify the markets as those that have recently opened up or are seriously considering opening up in the near future. He also identified mobile gambling as an area which Playtech would like to establish a presence in.
The issue of the California Online Poker Association also came up for discussion where Playtech joint venture partner SciPlay was selected as the service provider. Weizer said that the delays in the Californian intrastate regulation were having an impact, but that was a part of the business. He concluded, "As more jurisdictions move towards regulation, Playtech is able to offer new and existing operators a market leading suite of products and services, helping them to navigate the complexities of changing regulatory environments." Some of the popular Playtech online casinos are Omni Casino and Casino Tropez.
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