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Online Gambling Software Firm Playtech Delays Interim Dividend


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Playtech, one of the world’s leading online gambling software developers, has
announced that it has delayed a decision to pay out interim dividends until its
final 2011 results are in, for the reason that it is reportedly in the midst of
negotiations regarding a potential partnership deal and buyout.

A recent
statement issued by Playtech said: ‘Due to exceptional strategic M&A; and
partnership opportunities which are currently under discussion, in order to
retain maximum flexibility, it (the Playtech board) will defer a decision over
the interim dividend.’

As a result of the announcement, many UK brokerages reduced their price
target on the London Stock Exchange-listed company, including Collins Stewart.
The London-based brokerage dropped Playtech’s price target from 505 pence to 440
pence as a result of the delay in interim dividends.

Playtech defers interim dividend decision

A Collins Stewart spokesperson confirmed, ‘Playtech has chosen to defer a
decision on the interim dividend, to conserve cash given acquisition/investment
opportunities emerging in regulating markets, particularly given the weak
financial markets backdrop.’

Following Playtech’s interim dividends
announcement, Playtech’s share price dropped by 4.5 percent on the London Stock
Exchange. This will mean that not only will the company’s shareholders closely
follow its progress in the coming months, but so will the key players in the
global online gambling industry.

Playtech, which reported first half adjusted earnings before interest, tax
and depreciation of 56.1 million euros compared with 54.2 million euros last
year, is confident it will exceed all financial expectations in 2012. The
company’s total revenues on an ongoing basis increased by 18 percent to 76.3
million euros.

Playtech tackles Italian online gambling market

Teddy Sagi, Playtech founder and 40 percent shareholder in the firm, confirmed
that the average software revenues for the first 54 days of the second half of
2011 rose to over 23 percent compared to last year. He attributed this to the
introduction of online casino and poker cash table games in Italy, which
recently regulated its online gambling market.

Playtech provides online
gambling software to many of the world’s leading online casinos, poker rooms,
bingo casinos, mobile gaming operators, sportsbooks, and also offers Live and TV
gaming, Videobet and other services. Playtech-powered online casinos include
Casino Las Vegas, Omni Casino, Europa Casino, Winner Casino and Casino Tropez.

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