August 5th, 2011 | Published in Casino News
Listed in the AIM exchange, Playtech is one of the leading online gaming software providers. However, toward the end of 2010, beginning of 2011, the company took a brief hiatus where they did not release any games or have any new developments for several months. However, Playtech recently released the second quarter financial results which are excellent and prove the company left off where they began.
The software provider recorded revenue increases in all gaming categories except poker. Total revenues increase to 39.6 million Euros with casino revenues increasing 27.3 million Euros. As a result of these incredible quarterly results, it is clear Playtech remains the market-leading software provider for the industry.
Ventures and Developments
From a business development standpoint, in the second quarter Playtech engaged in a joint venture entitled, “SciPlay” which was chosen by the California Online Poker Association to provide an intrastate online poker platform. Also, the company entered the Spanish gambling market in partnership with Casino Gran Madrid. Furthermore, Playtech completed a deal with PT Turnkey Services. These recent developments reflect the success of Playtech’s ongoing investment.
On a more long-term note, Playtech announced the purchase of mobile gaming specialist Mobenga as well as a 10 year licensing deal with Gala Coral. The latter is one of Playtech’s largest contracts ever which is expected to award Playtech 5 million Euros per year. The deal involves Playtech supplying Gala Coral with a variety of online gambling products including its IMS platform and Virtue Fusion Bingo network. The current software suppliers to Gala Coral include:
- Ash Gaming
- Game Account
No Objections from Other Partners
Ironically William Hill Online, a joint venture partner of Playtech, did not raise any objection to the new relationship. This is surprising because of the legal battle they enacted for Playtech’s attempt to create a contract with Ladbrokes. The main difference between the two is Ladbrokes was a joint venture and Gala Coral is a supply agreement.
Playtech has really kicked back in to gear with new games, new deals and exciting new developments for online players. Once Playtech gets on a role, the online gambling industry should expect big things in the future. Perhaps the hiatus was to concoct a robust strategy and explode back into the online gambling industry. If that is the case, their strategy is working.