Playtech Delivers Strong Performance

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It is the time for announcing Q3 results. Close on the heels of the figures put out by Cryptologic, comes the announcement from another online casino software provider, Playtech. The difference in the performance is like chalk and cheese. Whereas Cryptologic has barely managed to stay afloat, Playtech has delivered a strong performance.

The total revenue for the three months ending with September 2011 was €61.5 million. This was up 30% from Q3 2010 and up 7% from Q2 2011. The online casino segment formed the bulk of the revenues. In Q3 2011 it was €28.9 million, which was up 34% from Q3 2010 and up 6% from Q2 2011. It is evident that the Playtech online casino software is on a strong footing. The revenues from the online poker platform were up 13% from the second quarter this year and the revenues from online bongo were up 5%. Revenues from the Videobet terminals were also up. The only disappointment came from Playtech's share of profit in William Hill Online. This was marginally down compared to both the second quarter this year and the third quarter last year.

The announcement contained several break ups of the year to date (from January to September) revenue figures. The most interesting break up was of the geographical distribution of the revenues. Playtech has three geographical divisions – Europe, Asia Pacific and Rest of the World. It may be recalled that Playtech had exited the United States online gambling market in 2006. In 2010 Europe contributed 77% to the revenues, Asia Pacific contributed 16% and the rest of the world contributed 7%. In 2011 the Europe share fell to 74% and the rest of the world share fell to 5%. But the share of Asia Pacific increased to 21%. That Playtech has been dominant in the European market is apparent to anyone who follows the online gambling industry. But Playtech is simultaneously securing market share in Asia Pacific. China and Australia are the two big regions in this market.

The operational highlights were also released and commented on by Mor Wizer, Playtech's Chief Executive. After the online gambling regulations in Italy were modified to include casino and poker cash games in July 2011, Playtech launched eight licensees on to the Italian network. After the August acquisition of the mobile gaming enabler Mobenga, Playtech has launched products for licensees including William Hill, Skybet, Sportsbet and IASbet. Paddy Power casino successfully migrated to Playtech in Q3. In Q4 Sportech online casino brands Vernons and Littlewoods Gaming have followed suit. Weizer said, "Playtech is positioned to establish itself as a leading supplier and a JV partner in different regulated jurisdictions and discussions are underway in regulated and soon to be regulated markets."

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