Playtech Online Gambling Software Plans Mobile Expansion

Published Monday, September 02, 2013 -
Playtech Online Gambling Software Plans Mobile Expansion

Online gambling has so many facets that operators can offer to consumers at every level of involvement. Companies that are stuck in their traditional ways of doing business may not grow as fast as those which see the trends driving the internet gambling marketplace and invest in the technology required to deliver the goods.

An example of one of the firms looking to exploit the mobile betting market is Playtech which is one of the world's two leading online gambling software companies. Mobile online gambling is being driven by the expanding use of smartphones and the availability of high speed internet.

Chief Executive Officer of Playtech, Mor Weizer commented during the announcement of a new chairman, "Playtech has more than 500 million euro on its balance sheet and it has access to more than 100 million euros in credit facilities," adding that the firm is ready to go, "to the next level."

Playtech is reportedly planning on expansion with their financials in such good condition. Playtech, is preparing to spend $800 million or about 600 million euro on acquisitions, as the company plans to expand its mobile sports betting and bingo offerings.

Playtech is also changing it executive leadership with the announcement that senior non-executive director Alan Jackson will be taking over from Roger Withers who has been Chairman for the last seven years. The move will transpire in October of this year after the former chairman led the sale of its stake in William Hill Online to the parent firm for the handsome sum of £424 million.

Playtech’s fortunes are still doing well as it revealed a 13 percent increase in first-half earnings recently led by the increasing popularity of mobile and online gambling.

According to the company, underlying adjusted earnings before interest tax, depreciation and amortization reached 78.9 million euro or $105 million for the six months to June, compared to 69.8 million euro in the corresponding period the previous year. Total revenues climbed 15% to 176.8 million euro.

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