Playtech Posts Strong Q3 Results

LSE-listed online gambling software vendor Playtech has published its third quarter results, revealing that the gaming giant has had a good year, with a 70 per cent year-on-year increase in gross income to €70.1 million.

Playtech's overall revenues for the three months were €61.5 million, an almost 90 per cent bump year-on-year, while its gross income increased by 23 per cent year-on-year (excluding its new services division) and 5 per cent quarter-on-quarter to €50.6 million.

Its total revenues for the quarter rose 30 per cent year-on-year and 7 per cent quarter-on-quarter to €42 million.

Said Playtech CEO, Mor Weizer, 'Playtech's diverse revenue streams have delivered a strong performance over the traditionally quieter third quarter thanks to the launch of Italian cash poker and casino products, as well as improvements in poker revenues following the change in the market structure after the suspension of one of the largest poker operators and the continued strength of bingo and Videobet where the UK roll-out has now completed.'

Playtech Launched Many Products in Q3

Playtech oversaw many successful product launches in the third quarter, and is in talks with many leading online gaming operators interested in running Playtech software, as well as possible joint venture partners in countries that have licensed and regulated online gambling markets.

'Playtech is positioned to establish itself as a leading supplier and a joint venture partner in different regulated jurisdictions and discussions are underway in regulated and soon-to-be regulated markets,' explained Weizer. 'Despite continued regulatory uncertainty in certain European markets, these results demonstrate the strength of Playtech's business giving us confidence for the full year,'

Weizer also described Playtech's acquisition of B2B services provider PT Turnkey Services Limited (PTTS) in June this year as a success. 'PTTS has been integrated exactly as planned and is performing well and primed to add significant value as we deliver new turnkey projects and joint ventures,' he said.