Playtech Revenue Up 16% To €87.5m In Q1

Gaming software company Playtech has just released its latest Q1 results, revealing a 16% increase in total revenue to €87.5 million, compared to €75.2 million for the same period last year.
Driving the company’s figures upwards were solid results across the board, including casino revenue up 28% to €44.1m, services revenue up 2% to €26.3m, sport up 128% to €4.6m, and bingo up 9% to €4.8m.
Faring less well, however, was Playtech’s poker offering, with the iPoker Network owner recording an 18% revenue decline to €4.4 million from €5.3 million in Q1, 2012.
Commenting on the overall solid Q1 results, however, Playtech CEO Mor Weizer, said: “Playtech has made a strong start to 2013, delivering a robust quarterly performance driven by our flagship casino product, LIVE, and in particular mobile casino and Mobenga.”
The first quarter also saw Playtech enter into a number of agreements, including a poker deal with Betfair, a mobile live dealer casino solution with Betfred, a live gaming offering with Casino Gran Madrid in Spain, and innovative marketing services with Ladbrokes.
Elaborating on the Ladbrokes deal, Playtech CEO Mor Weizer, said: “Our landmark transaction with Ladbrokes, under which Playtech will provide its full product suite and marketing advisory services, clearly demonstrates Playtech’s unique position. Ladbrokes is one of the largest and most respected brands in the betting and gaming industry, and we are very excited about the prospects for this venture and are committed to making it a great success.”
In addition, this week saw Playtech sell its 29% stake in William Hill Online to William Hill for £423.75 million, delivering a return of over 3.5 times on its initial investment.
Following release of the Q1 results, Playtech shares are currently trading up slightly at 613.50, giving the company a market capitalization of $1.78 billion.