Playtech's financial results for Q2 showed revenue jumping 99% to €78.6 million in comparison to €39.6 million for 2011's second quarter. The gaming software developer revealed a mammoth 82% increase in gross income.
The biggest gainer was Playtech's casino division, reporting a 36% revenue increase to €37.1 million. Videobet also saw a 36% rise in revenue to €2.8 million, bingo improved 21% to €4.4 million, and the company's share of profits emanating from William Hill Online was up 7% to €9.5 million. Revenue from poker was the only decliner--falling 12% to €4.4 million--off last year's €5 million in the same quarter. Playtech's poker division, operators of the iPoker Network, has now tumbled 9% in 2012's first six months.
Other than the poker product, Playtech's financial results were quite impressive. “First half performance for 2012 has been very encouraging and all products, with the exception of poker, have achieved strong year-on-year growth,” said Mor Weizer, Playtech's Chief Executive.
Part of the revenue increase is attributable to several of Playtech's licensees such as Poker770, Bet365, William Hill and Casino Gran Madrid being first in line to launch in a newly-regulated Spanish marketplace. Additional licensees are set to follow before year's end. The Isle of Man-based gaming company is already looking forward to a successful Q3, showing an increase in activity of 24% for July in comparison to 2011.
“Although we anticipate a seasonal slowdown during the traditionally weaker summer months, I believe that the company is well-positioned to maintain the momentum into the rest of the year,” Weizer added.