Playtech’s Financial Results for Q1 of 2011

May 10th, 2011  |  Published in Casino News

Playtech recently release its financial results for the period from January 1st, 2011 to March 31st, 2011 and they are positive in nature. The gross income has risen 20 percent with total revenue increasing by 16 percent compared to the first quarter of 2010. Overall, online casino gaming revenues have increased by 23 percent in comparison with the first quarter of 2010 but have decreased when compared with the fourth quarter of 2010.

The Financial Numbers

One important indicator of Playtech’s success is their share of profit from William Hill Online. This is currently estimated at 9.9 million Euros, up from 34 percent compared to the first quarter of 2010. This is also a significant increase of 41 percent from the final quarter of 2010. Experts find this of interest due to the continuing dispute between William Hill and Playtech. Upper-management in the Playtech organization has also reported an increase in daily activity for this past quarter.

Recent Acquisitions

Also, Videobet has recently been acquired by Playtech and is on schedule to complete the require contracts in the United Kingdom. There are currently over 17,000 machines that have been converted with the remainder expected to be completed sometime in the second quarter of 2011. Additionally, Playtech is maintaining a heavy focus on the Italian gaming market. The company was the first to launch a 250 Euro buy-in tournament under the new Italian gaming laws.

The Italian Gaming Market

Therefore, one Italian regulations are implemented; Playtech will be ready to go. This is not far off as many online casinos have been approved with many more moving through the process. Playtech has also received a provisional license from the jurisdiction of Malta with regards to its Live Casino project and the company is currently finalizing agreements with several new licensees through multiple jurisdictions in Europe and elsewhere.

Playtech’s Future

The Chief Executive Officer is confident of Playtech’s ability to enter a variety of jurisdictions while establishing long-term regulatory mechanisms. As a result, Playtech has developed a policy to continue positioning itself to utilize every new opportunity available from regulatory bodies. One example of this leverage is the recent acquisition of PTTS.

Playtech has many concurrent projects across several countries. The company’s expansion strategy appears to be on track and should prove to be successful in the near future thus keeping them at the forefront of the online gambling industry.

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