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Playtech Posts Impressive 2010 Results; Online Casino Product Still Strong

29 August 2010 by Devon Chappell

What can I say, Playtech Software has been making some news this past week. Well, let’s face it, Playtech likes to make news all the time – and why wouldn’t they? Being one of the top, white label online casino software developers in business today, Playtech has no choice but to keep broadening it’s reach across the many, vast sectors of the online gambling industry if they are truly serious about staying on top of their game, not to mention procuring the profit margins necessary for continued expansion.

Well, that’s exactly what has made Playtech such a successful software developer…Err, I take that back. Playtech is not just a software developer for online casinos and poker rooms – they’re more like an online gaming solutions B2B supplier.

Case in point is Playtech’s first-half financial results for 2010, which compared to many of it’s top competitors, is quite impressive. Gross income was up a massive 31% from last year, tallying in at €87.9 Million, while total revenue was up by 29% with a price tag of €72.9 Million.

Much of Playtech’s growth has come from B2B partnerships with leading online betting companies, such as William Hill, as well as acquisitions of up-and-coming niche B2B gaming companies, such as Virtue Fusion. Regarding the William Hill partnership formed in late 2008, which gave Playtech rights to power online casino and poker software solutions for Will Hill Casino Online and Will Hill Poker, cash revenue generated from Will Hill doubled to €60.8 Million from 2009. The fruits of Virtue Fusion’s acquisition in February of this year are yet to be fully realized (generating over €4 Million in less than six months), however, future activity looks promising, with Playtech reporting there are several online bingo licensee prospects in the UK and abroad in development currently.

Elsewhere in the world, Playtech says it will be gaining a foothold and expanding in newly regulated internet betting markets, including Italy, Spain, Finland and perhaps, France. Due to a turn in regulatory policies in France, Playtech’s revenue generated from online casinos will be impacted, however, counterbalanced with new licensees and growth in Playtech’s French online poker network. In the U.S. (if and when regulation opens up here), expansion will manifest via partnerships with Scientific Games and Sportech (see previous article: Playtech Sets Sights on U.S. Market).

Playtech online casinos, which are the company’s principal product offering, has continued performing strongly, increasing revenue by over 30% (€49.1 Million) from 2009. The only area in which Playtech saw a revenue loss, which has been in line with the rest of the industry, was online poker. Down by 5%, poker revenue came in at €15.8 Million, which Playtech’s Chief, Mor Weizer, attributed to the World Cup. FYI, anyone familiar with Playtech’s iPoker network knows the World Cup isn’t entirely to blame. If there has ever been an area where Playtech has lagged behind, it has been online poker.

As for the remainder of 2010 and beyond, Playtech says a launch of Betfair’s Flash online casino is on schedule for September, while the launching of RAY in Finland is set for the fourth quarter and Casino Gran Madrid will go live in early 2011.

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One Response to “Playtech Posts Impressive 2010 Results; Online Casino Product Still Strong”

  1. Playtech is really a trusted and renowned online casino. I have read they’re up for some new online games and tourneys.