Isle of Man-based turnkey provider sees increases in casino and poker profits for first quarter of 2008.

Wednesday 7th May 2008

Isle of Man-based online gambling turnkey provider Playtech Limited has reported record revenues of $39 million for the first quarter of the year, a rise of 97 percent over the same period last year and 19 percent on the previous quarter.

Playtech stated that casino revenues totalled $27.2 million, an increase of 79 percent on last year and a 19 percent rise quarter-on-quarter. In addition, revenues from poker came in at eleven million dollars, a staggering 161 percent upsurge on 2007’s results and 17 percent higher than the previous quarter.

The company also said that its iPoker network, which will host the second European Championship of Online Poker later this month, continued to show strong liquidity and that it had signed nine new licenses to bring its total to 59.

In addition, in line with the company's strategy to diversify geographically, Playtech announced that it had also begun licensing processes in various regulated jurisdictions along with completing the development of its Asian peer-to-peer games and flash poker product. Both of these are expected to enhance the future growth of the company and should be released by the end of the third quarter of 2008.

'This has been an outstanding quarter for the group, registering impressive month-on-month revenue growth,” said Mor Weizer, Chief Executive Officer for Playtech.

“The addition of new licensees during the period and the anticipated full roll out of the new Asian peer-to-peer games and flash poker means the group is well positioned to grow in the second quarter and beyond.

'The group continues to pursue significant business opportunities across all the regulated markets and the board is highly confident regarding the group's trading performance for 2008 and beyond.'

Source: OnlineCasinoNews