Playtech online casino revenues up

Online casino software developer and supplier Playtech has released its interim results for the first half of 2010 and has reported that gross income are up 31% to €87.9 million while revenues are up by 29% from last year to €72.9 million. The company has attributed its strong performance to positive regulatory changes in Europe, its partnership with William Hill as well as the launch of new networks.

In January this year, Playtech entered into a strategic partnership agreement with Scientific Games to provide the latter with online casino software allowing them entry into the US markets. This was followed by the launch of Italian online bingo and French online poker networks which helped strengthen the software company’s international presence. In February 2010, Playtech acquired Virtue Fusion sealing its position as a leading B2B online bingo network provider.

Roger Withers, Non-executive Chairman, said "We have enjoyed a strong trading performance in the first half. Regulatory change across Europe is transforming the market dynamics and opens up many new opportunities. Although the restrictions of the newly regulated French market will, as anticipated, impact revenues in the second half, we have a strong pipeline of new licensees which we expect to more than offset this in 2011 and help maintain our growth trajectory.

“Along with the appointment of two experienced non-executives in the first half, our continuing search for a new CFO is now at an advanced stage. We are also doing the work necessary for a move to the Main List,” he said.

Forthcoming agreements include the launch of BetFair Flash Casino in the third quarter and RAY in Finland in the fourth quarter. Plans for providing Ladbrokes Casino with software for 7,600 gaming terminals are also on track.  The company continues to see a positive performance and in August, revenues are up 5% over the previous month for online casinos and online bingo.

Written by Debbie Hall for Online Keno – your source for the latest online casino news.