Playtech Revenues Double

Due to a significant growth in casino business, the gambling software firm Playtech is reporting that its 1st quarter revenues have doubled. Because of this, the company is planning on changing the direction it had announced it would take just last month to acquire social gaming assets from Teddy Sagi. Playtech is, however, continuing to work towards moving its listing into London’s main stock exchange.

A brief look at the financial growth figures of current revenues goes far to explain their decision. Playtech has seen a year-on-year revenue growth of 104% and an 8% rise from the last quarter of 2011. The company’s gross income is approximately €88.4 million which is a 90% rise from the 1st quarter of 2011. A significant part of Playtech’s growth is due to its partnership with William Hill Casino which has brought in €13.3 million of the company’s gross profits.

The casino section of Playtech experienced a 35% increase in year-on-year revenues and bingo also saw a growth of 26% with revenues totaling €34.5 million and €4.4 million for the Playtech subsets respectively. Playtech’s Videobet has also seen a strong rise in revenues and is up 171% as compared to last year’s 1st quarter revenues. Poker, on the other hand, had a disappointing 6% year-on-year decrease.

Even though the company anticipates a slight downturn typical of the summer months, it is hoping to boost overall revenues as it looks to enter the newly regulated markets in countries such as Germany and Italy.