Casino News: Playtech’s Mixed Third Quarter Results

The results have been published for the third quarter performance of Playtech, and it appears they have had a mixed bag. Playtech is one of the biggest gaming software providers in the world, providing online, mobile, and land-based products. Leading applications are bingo, casino, poker, live gaming, lottery, casual games, and sports betting.

Casino revenues have risen 34% to €28.9 million and bingo revenues are up to €3.8 million to 24%. However, poker revenues have fallen 2% down to €5.6 million. Their shares in William Hill Online fell 2% to €8.6 million, which was down 3% from quarter two 2011. Videobet revenues were up 6% from quarter two to €2.2 million.

The Playtech services division provided a significant revenue contribution of €19.5 million for the quarter. Gross income of Playtech was €70.1 million, with total revenues reaching €61.5 million.

Chief executive Mor Weizer, said "Playtech's diverse revenue streams have delivered a strong performance over the traditionally quieter third quarter thanks to the launch of Italian cash poker and casino products, improvements in poker revenues following the change in the market structure after the suspension of one of the largest poker operators, and the continued strength of bingo and Videobet, where the UK roll-out has now completed.”
"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." 

"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."