Playtech Releases Second Quarter Results
By Staff
London-listed online gambling software provider Playtech released its trading update and key performance indicators for the second quarter this week showing record growth.

The Isle of Man-based firm reported revenues of $42.4 million, an increase of 75 percent on the corresponding quarter last year and a nine percent increase over the $39 million achieved in the previous period, and reiterated its intention of seeking further acquisitions and partnerships.

'The second quarter of 2008 was a further significant period of growth for Playtech,' said Mor Weizer, Chief Executive Officer 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.”

Playtech revealed casino revenues totalling $30.8 million, an increase of 77 percent over the $17.4 million earned for the second quarter of last year and a 13 percent rise on the previous period’s $27.2 million. In addition, revenues from poker hit eleven million dollars, an increase of 74 percent on the comparable 2007 quarter and in line with the first quarter of 2008.

'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,” said Weizer.

“With organic growth and the launch of new licensees in the third quarter and beyond, we look forward to a strong quarter and the board is highly confident of the prospects for the full year.'

The firm has signed ten new licence agreements in 2008 with operators such as Betsson, Vista Global Limited and Genting Stanley Alderney to bring its total number to 60.

'Playtech has demonstrated its ability to leverage acquisitions and believe this money raised will provide the group with an extremely strong balance sheet that will allow it to take advantage of further opportunities that the current market offers and, in relation to that, the group has commenced due diligence on a potential acquisition opportunity,' said Weizer.

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