Playtech Profits Up Poker Dismal
Apart from poker, Playtech had an overall increase in its revenue stream across all its verticals.
In its recent trading update for the three months ended on the 30th of June the AIM-listed company disclosed the following a recent publication. Year-on year its total revenues increased by 19% (not including France), and 7% overall, to €39.6m, internet casino profits increased by 7% (24% not including France) to €27.3m.
Unfortunately the same could not be said for poker, where the 3 % quarter-on-quarter decline recorded in Q1 an additional 12% quarter-on-quarter loss was recorded recently resulting in a 32% year-on-year drop counting in the French market and 24% without.
When it comes to poker Playtech aims to up the ante after the introduction of new cash games in the Italian market, its iPoker network forged a close-knit working relationship with Ongame by offering cash and tournament poker now that the Communitaria decree has been implemented.
Members of iPoker SNAI and SISAL offer cash games to players, whereas internet casinos such as William Hill internet casino and Titan operate on the Italian network too. Subsequent Playtech’s recent trading update, and taking into account today’s dual publication of the buyout of mobile expert Mobenga and a 10 year licensing deal with Gala Coral, which is arguably Playtech’s biggest contract – analyst James Hollins of Evolution Securities reiterated his firm’s ‘buy’ stance on the company.“In the casino industry Playtech paves the way when it comes to internet gambling software.”
Playtech just signed a deal to buy the very reputable mobile sportsbook specialist Mobenga for €8m, the purchase prices can go as high as €23.8m by 2013, giving the software company is in a very strong position and well poised to fully exploit every facet of the internet gambling market.
Q2 was a positive period for Playtech irrespective of today’s press release, with the company’s SciPlay amalgamation selected by the California Online Poker Association (COPA) for its internet poker platform especially with intrastate regulation in the U.S.
Through its partnership with Casino Gran Madrid in May Playtech has now successfully entered the Spanish market. Based on the latest events Mor Weizer, Playtech’s chief executive had the following to say, “if we have a look at our current success rate pertaining to our ongoing investment with many months of intense preparatory work we can only hope for further wins within the near future.”[addtoany]