Positive Financial Results For Playtech

Software developer, Playtech released positive financial results for three months ending March 31, 2011.

Playtech’s gross income have gone up by 20% and their total revenue has increased by 16%, after calculating the required adjustments to make the results comparable, compared to the first quarter of 2010 but their income is down by 2% compared to the fourth quarter last year.

An important indicator is Playtech’s share in the joint venture of William Hill Online Casino which is estimated at €9.9 million which is a 34% increase compared to the first quarter of 2010 and a 41% increase compared to the last quarter of 2010. Which is interesting because of the current dispute between Playtech and William Hill Online. A further indication that their results will carry on being positive is that the mangement of William Hill Online has stated that their is increase in daily activity for the current quarter of 2011.

Videobet which Playtech have recently acquired is currently on track with their conversion of slot machines owned by them in the UK. Currently over 17,000 machines have been converted and the rest are expected to be completed in the second quarter of 2011. With the new legislation in the Italian gambling industry Playtech is investing heavily in the market. A large number of their games have been approved and more games are in the process of being approved. Further more a provisional license has been granted by the Maltese gambling authority for Playtech’s Live Casino offering and they are in the process of finalizing aggreements with quite a few new licensees across many jurisdictions across Europe and other parts of the globe.

Mor Weizer, Playtech’s chief executive said despite short-term setbacks he is confidence in the long term of regulatory mechanisms in most gambling jurisdictions. He stated that it is Playtech’s policy to carry on investing itself into a position that will benefit from whatever opportunities arrive from any such regulations. He also commented on the actions taken by the US Department of Justice. He said, “Playtech believes that this action will in the longer term have a positive benefit to the iPoker networks both in the dot.com segment and also in the European regulated markets.”