Online Casino & Poker Profits Up At Playtech
Published: Friday, August 25, 2006 Online-Casinos.com
ONLINE CASINO AND POKER PROFITS UP AT PLAYTECH
Online casino and poker room provider enjoys a successful first half 2006 performance - casino income up 129 percent and poker 851 percent.
The online casino and poker room software developer and provider Playtech Limited has followed a profitable 2nd quarter (see previous Online-Casinos and InfoPowa reports) with very creditable half year results which have seen a 139 percent overall increase in revenues in the six months ended June 30 2006.
The London listed and Cyprus registered company reported financial highlights of a 129 percent increase in online casino revenues to $40.4 million, with poker revenues up a stunning 851 percent to $4.8 million. Total revenue increased 139 percent to $46.2 million, compared to the 2005 numbers for the same period of GBP 19.3 million ($36.35 million), and an adjusted net profit increase of 172 percent to $37.3 million.
Operational highlights included the addition of seven new licenses, three being through the migration of active sites with Asian and European players, and the development of the new mobile, Mahjong and Videobet gaming platforms. Playtech has also initiated a long-term hi-tech personnel development programme with the introduction of a Playtech Academy in Estonia and a new technology development centre in Bulgaria.
Playtech now has 42 active licensees operating 137 sites, which is an increase of 22 new gaming sites since the beginning of the year. Results also show a decrease in revenue from United States sources as the group continues to diversify in a global sense.
Chief Executive Avigur Zmora says that Playtech is ideally placed to take full advantage of the growth being enjoyed by global gambling markets.
"Geographical diversification through the addition of quality licensees, coupled with our new product pipeline, will allow us to offer an enhanced and more complete solution to our licensees and their customers," he said "As a result of our various initiatives, the global markets in which we hold strong positions and the continued growth being enjoyed by the online gaming market worldwide, I look forward to the second half of the year with confidence."
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