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Online Casino News - November, 2008

Playtech's Casino Tropez Home to Large Jackpot Win

 

 

  Seed Newsvine

by Edward Rogers, News Staff Writer

November 18, 2008

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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