Playtech's online progressive jackpot network got a
positive boost this week as the Global Traveler slot
game paid out a hefty €1,005,000 to a lucky player from
Spain. Nabbed at one of
Playtech's most popular online
casino licensees, Casino Tropez, the jackpot is one of
the more recent newsworthy wins to be hit via a major
online gaming software provider.
In other news, Playtech recently published their
third quarter financial results. On the heels of a
couple major deals (acquisitions of William Hill Online,
WinGaming Media/MIXTV and a renewed contract with
Mansion Poker and Casino), Playtech has beaten
third-quarter stigmas of being the slowest quarter of
the year with some impressive figures ending September
'08.
Up an impressive 67% from the same time period last
year and 6% from the second quarter of '08, revenues
closed at €28.5 million (oh, and did I mention Playtech
has changed its reporting currency from Dollars to
Euros?). Both online casino and poker room revenue was up
over 60% largely due to new licensees facing the
European market, which also explains the decision to
change reporting frequency.
The partial acquisition of Will Hill will certainly
play a major part in 2008 fourth quarter/2009 earnings,
however, the final cost (up to $250 million) won't be
known until the acquisition is completed in January,
2009. When that has been finalized, Playtech will begin
garnering 29% of Will Hill's online gambling revenues.
Unfortunately, Playtech online casinos are no longer
open to U.S. citizens. Before the passing of the UIGEA,
Playtech derived the vast bulk of its revenue from the
U.S. market. Bouncing back from a heavy revenue loss,
the European-focused software company is now making a
strong comeback in one of the most competitive gaming
sectors today.
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