Internet gambling software development group Playtech plc has released a trading update covering the three months ened June 30 2010.
Financial highlights in the report include:
* Gross income for the quarter totalled Euro 44.5 million, up 34 percent on Q2/09 and 2 percent ahead of Q1/10
* Total revenues up 32% on Q2/09 and 2% on Q1/10 to €36.8 million
* Casino revenues up 34 percent on Q2/09 to Euro 24.9 million, 3 percent higher than Q1/10
* Poker revenues down 13 percent on Q2/09 to Euro 7.3 million and 15 percent lower than Q2/10, owing to the impact of the Football World Cup and 'slow' summer seasonality effect
* Bingo revenues totalled Euro 2.8 million, 61 percent up on Q1/10, reflecting increasing the contribution from recently acquired Virtue Fusion
* Share of profit in William Hill Online of Euro 7.6 million, up 43 percent on Q2/09 and up 4 percent from Q1/10
* H1 2010 EBITDA expected to be not less than Euro 53 million.
Management reports that daily activity for first the 26 days of Q3/10 is more than 10 percent ahead of Q3/09 on an absolute basis and more than 20 percent ahead of Q3/09 on a like for like basis, excluding France.
Activity declined by 12 percent compared to Q2/10 on the same like for like basis reflecting the combined impact of the closing stages of the football World Cup and normal seasonal slowdown. On an absolute basis, including France, Q3/10 is 19 percent below the daily average of the previous quarter.
Recent initiatives include the launch of a new Italian bingo network with SNAI and Eurobet, two of Italy's leading gaming companies, which will be joined by additional members in the near future.
Operational highlights include:
* Italian Bingo commenced with Sisal which gained 18 percent market share in May.
* The company won the contract for Finland's RAY in May, and launch preparations are reportedly going well for a launch in Q4
* Playtech launched its dedicated French poker network launched with a number of well-established local operators, and it is anticipated that further licensees will join in Q3.
* Recent acquisitions Virtue Fusion and GTS are performing ahead of expectations after a good Football World Cup, with new licensees and games launched
* The Videobet UK roll-out is on track with large shop-tests progressing well.
Commenting on the key performance indicators, Playtech's chief executive, Mor Weizer, said: "The second quarter's performance continues our strong start for the year and provides a solid base for the full year. Operationally we are well positioned with significant licensee wins such as RAY in Finland and the launch of our new Italian bingo and French poker networks bringing a broad range of well recognised local operators.
"I am pleased by the continuing growth of Virtue Fusion and GTS and together they will help to mitigate the closure of the French casino market which will be felt in the second half of the year."
"The decline in current trading is in line with our expectations with sportsbook operators focusing on World Cup betting during the period, and is not anticipated to be a useful indicator of performance throughout Q3. We continue to see significant growth opportunities over the near and medium term."
All News Categories
- General Gambling News (6876)
- Gambling Law & Society News (3451)
- Casino Games (3080)
- Casino Software (2922)
- Land Based Casino News (460)
- Promotions & Bonuses (304)
- Casino Banking (200)
- Casino Tournaments (111)
- General Poker News (53)
- General Sportsbook News (41)
- General Bingo News (38)
- LCB News (36)
- LCB Approved Casinos (21)
- Casino Warnings (18)
- Bingo Software (11)
- Bingo Games (9)
- Predatory Terms (6)
- Online Poker Tournaments (5)
Most Viewed ArticlesSee all
Live activity feed
"I just started using bitcoin myself. I buy bitcoin using my checking account thru Coinbase. It takes a little longer than using a debit/credit card but if I understand it correctly the fees are lower that way. Then I transfer bitcoin to my wallet at Blockchain before depositing at an online casino. I made two deposits at Slotastic! and one at Slotocash and each time the money was there immediately. The only problem I had was on my first deposit I did not account for the conversion difference when making a minimum amount deposit and my bonus did not get triggered automatically. I got it soon worked out though when I contacted support thru Live Chat and explained the mistake was caused by my first time using bitcoin. They credited my account with the bonus and just suggested I add a little more next time to cover the additional fees and conversion rate differences. I didn't do too good at Slotocash but did much better at Slotastic! and even though I made my deposit using bitcoin there was a message on the Withdraw screen saying I had to send in their Credit Card Authorization Agreement before I could make a withdrawal. I contacted Live Support to clarify and they advised I only had to send in a copy of my drivers license and a recent utility bill to verify my identity not my credit card. After I emailed these documents I received an email the next day advising my documents had been received and approved. I then submitted my withdrawal request and expected an immediate response just like I got on my deposit but it didn't happen. That's been about 7 hours ago now so I'm guessing it might be a day or two at least if I'm lucky before anything happens. But if it happens then that'll be much better than having to wait weeks or months like some have to. I'll update later when the withdrawal is finally completed."READ
lcb activities in the last 24 hours
- new members
- members online
- guests online
- new posts
- free games played