Playtech Reports Q3 Results

Online gaming software provider Playtech has reported revenues of €61.5 million for the third quarter of 2011, up 89% from the same period last year.
1375 9th November, 2011 Poker Business & Finance
Playtech Reports Q3 Results

Online gaming software provider Playtech has reported revenues of €61.5 million for the third quarter of 2011, an increase of 89% from the same period last year. Gross income totalled €70.1 million.

The strong growth came from excellent results in the company’s casino and bingo divisions, as well as the acquisition of PT Turnkey Services, which contributed €19.5 million in revenues.

"PTTS has been integrated exactly as planned and is performing well and primed to add significant value as we deliver new turnkey projects and JVs," said Chief Executive Mor Weizer in a statement.

Casino revenues increased by 34% year-over-year to €28.9 million, and will continue to grow as Paddy Power’s migration from IGT is expected to boost fourth quarter numbers. Bingo revenues were up 24% to €3.8 million.

"New product launches have performed well and we are in discussions with a number of significant gaming businesses looking to utilise Playtech's market leading technology and services. The company is also in discussions with potential joint venture partners in different regulated markets," added Weizer.

Poker revenues were down 2% in the third quarter of 2011 to €5.6 million. However, that represents an increase of 13% from the second quarter of 2010, thanks to the launch of Italian cash games and the revocation of three of Full Tilt's four operating licenses.

Share of profit in William Hill Online—which grabbed headlines last month thanks to the mass walkout of marketing and customer support employees—was down 2% to €8.6 million.

Playtech shares, which have lost 40% of their value this year, were down 7% in today’s trading.

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