Playtech targets new partnerships after record quarter

Playtech targets new partnerships after record quarter

Wednesday, October 22, 2014 Totally Gaming

Online gaming software company Playtech is targeting new partnerships after enjoying a record quarter through to the end of September 2014. 

The company posted revenue of €116.5m ($148.1m) in the third quarter, representing an increase of 28.6% on the €90.6m achieved in the same period last year.

“This quarter's success has continued on from the previous three months and is a record for the business,” a Playtech spokesperson told TotallyGaming.com

“Our leading products – in particular casino – alongside a number of new, significant structured agreements, have seen the business go from strength to strength this year and we expect to build on this in the months and years to come.

“We are constantly talking to potential and existing licensees with regard to new agreements or taking more of our software and services, and we expect this to continue to bear fruit.

“We also have a series of significant technology and product announcements in the pipeline, which will be revealed in the first half of next year.”

In announcing its interim financial results, Playtech noted that its casino business was the main driver behind the surge in revenue, accounting for €62.4m of total sales – a 33.3% rise on last year.

However, it was the firm’s sport business that experienced the most significant growth, with revenue more than doubling to €7.1m.

The company’s bingo, services, land-based and poker business also recorded revenue growth while operations classed in the ‘other’ category remained flat. 

Europe generated 56% of revenue – down from 64% in the corresponding quarter last year – while revenue from Asia increased by 25% in the third quarter of 2013 to 36% in the latest quarter. Sales in the rest of the world dropped from 11% to 8%.

Playtech chief executive Mor Weizer added: “The strong growth seen through the first half continued through the third quarter resulting in the strongest-ever quarterly performance, driven by our flagship casino, including mobile and live, sport betting, land-based revenue and services.”

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