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Playtech 2012 First Quarter Revenues Skyrocket


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Over the past few weeks, many leading online gambling concerns have published
their 2012 first quarter results, and while more than few have shown dramatic
year-on-year growth, none more so than online gaming software vendor, Playtech.

According to Playtech’s 2012 first quarter financial results,
year-on-year its total Q1 revenues have increased by an impressive 104 per cent
to €75.1 million. The firm attributed this hike in its revenues to an increase
in growth across all sectors, except for poker, which declined year-on-year by
approximately €400,000 during the quarter.

However, Playtech’s Q1 casino revenues increased by €9.1 million, its bingo
revenues by €900,000, its services revenues by a whopping €25.3 million, and its
video bet services by €1.5 million. Including its poker results, Playtech
enjoyed a €38.4 million year-on-year revenue increase for the first quarter of
2012.

Services Division of Playtech Exceeds Expectations

Said Playtech CEO, Mor Weizer, ‘Our services division is performing ahead of
management’s expectations, which has provided us the confidence to agree a
discounted accelerated payment of the PTTS acquisition’s initial consideration,
whilst also looking increasingly certain to trigger the additional consideration
threshold.’

In addition, Playtech’s share of profit in its William Hill Online joint venture
grew by 34 per cent year-on-year to €13.3 million, leading the company to a
gross income of €88.4 million for Q1, a 90 per cent bump compared to the same
period in 2011.

Along with its Q1 results, Playtech issued a statement about a change in its
strategy going forward. Where once the internet gambling software firm was
planning to acquire various social and real money online gaming assets, it has
since decided to instead forge new software licensing deals with the said
assets.

Playtech Signed a Non-Binding MoU in April

Last month Playtech announced that it had signed a non-binding memorandum of
understanding with a private party with regards to the possible acquisition of
various businesses and assets for €95 million, related to Playtech founder,
Teddy Sagi, who is also currently the firm’s biggest shareholder. But the
Playtech board took a decision to go the online gambling software licensing
route instead.

Read the Playtech statement: ‘Playtech remains committed and
excited about the prospects for the impact of entering into the social gaming
arena and believes it will aid its growth in the future. The license agreement
for the social and real money gaming assets will be negotiated on arm’s length
terms and will be announced as soon as is reasonably practicable.’

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