Playtech has Good First Quarter

May 09, 2011 | News Category: Casino Software

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Playtech has released their first quarter results that have shown some healthy trading from January through to the end of March 2011.

Not only was the first quarter positive for the online gaming software provider, but the first 23 days of the second quarter showed that the company was doing 13 percent better than it had in the second quarter in 2010. This 13 percent result has been calculated when the figures exclude France, and when including France, the company is still one percent ahead of the figures for the second quarter in 2010.

Some of the highlights of the gaming software company's first quarter of 2011 include the following:

- A successful launch of the Betfair live casino that would complement download products and also online products.
- There have been a large number of online casino games and other products that have already received approval to be used, and there are others that are in the process of being completed and receiving approval.
- The company finalized the acquisition of Intelligent Gaming.
- There are strong possibilities of securing licenses in both existing online gambling markets and also in some of the markets that have recently become regulated.
- The company is making headway in the Italian market with the new Italian online casino regulations.

Mor Weizer, the Chief Executive of Playtech said: "We have made a solid start to 2011. With the roll-out of Videobet's UK contracts nearing completion, together with the long-awaited regulation of Italian casino and cash tables due this quarter, we continue to develop new sources of regulated market income. We are also in late stage discussions with a number of potential major new licensees across a number of jurisdictions both in Europe and elsewhere."

Mr. Weizer did note that certain online gambling jurisdictions such as Germany still had much uncertainty in the short term, however the Playtech is looking to the future to see what long term opportunities can be found with the current regulation.

The Chief Executive commented on how the recent seizure of online poker sites has affected the company's outlook. He noted: "The actions taken by the US Department of Justice against certain US-facing poker sites on 15 April has prompted considerable volatility, however 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