Playtech First Quarter Revenues Up

May 09, 2010 | News Category: Casino Software

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First quarter figures are in, and Playtech has done very well. Those that have invested in Playtech will be pleased to hear that the first quarter of 2010 has brought with it excellent results. Not only has the first quarter been impressive, but it looks like this trend is continuing in the second quarter, which is usually a quieter quarter. In April, into the second quarter of 2010, average daily royalties have been up slightly when compared to the first quarter this year. It still remains to be seen how the rest of the quarter will continue.

Actual numbers show the rise in revenues, although some areas of operations, such as poker actually had a four percent decline when compared to the same quarter in 2009. However, when comparing the numbers to the last quarter of 2009, poker revenues showed a two percent improvement.

Online casino revenues reached €24.2 million, growing by a total of 27 percent. When compared to the last quarter of 2009, online casino revenues were increased by seventeen percent.

A boost in revenue has taken place since February when Playtech acquired Virtue Fusion. The Virtue Fusion acquisition has helped to raise online casino revenues, as well as others, especially the bingo revenue, which reached as much as €1.7 million in the first quarter of 2010.

Playtech also owns a share of William Hill Online, which was up by 49 percent when compared to the same quarter last year. However, this number was down by 9 percent when compared to the last quarter of 2010, which was a particularly strong quarter.

Playtech’s total revenue went up by a full 25% when compared with the first quarter of 2009, although not by quite to much when compared to the last quarter of 2009. However, when comparing the last quarter of 2009, and the first quarter of 2010, Playtech’s revenue went up by a very significant 19%, up to €36.1 million.

Even when excluding the revenue that has been generated from the acquisition of Virtue Fusion, revenues were still up by nine percent when compared to the fourth quarter of 2009.

Mor Weizer, the Chief Executive of Playtech, said: "We have had a very good start the year. Our final numbers for Q1,2010 reflect substantial revenue growth and build on the strong progress made in the last three months of 2009."

Mr Weizer spoke positively about the future of Playtech, saying, "Encouragingly we have also seen continued momentum going into the traditionally slower second quarter. Our two recent acquisitions have integrated well and are making excellent progress. I believe Playtech remains well positioned to add licensees in a number of newly regulating markets and can look to the rest of 2010 with confidence."