Playtech Revenues Up 17% To €102.7m In Q1

Playtech Revenues Up 17% To €102.7m In Q1The world’s biggest supplier of online gambling software, Playtech, has released its results for the first quarter of 2014, revealing a 17.4% increase in revenues to €102.7 million ($141.7 million) compared to the €87.5 million taken in Q1 2013.
Playtech’s casino division accounted for a massive €55.4 million of Q1 revenue’s, representing a 25.6% improvement over the €44.1 million it contributed in the corresponding quarter last year. Compared to Q4 2013 revenues were also up by 2.9% .
The company’s services revenue, too, improved by 12.9% to €29.7 million, helped along by the acquisition of PokerStrategy.com which it purchased for €38.3 million in July 2013. Also reporting gains was sports betting up 21.7% to €5.6 million.
On the flip side, however, Playtech’s bingo offering saw a 16.7% fall in revenues to €4 million, while poker declined by 13.6% to €3.8 million.
Overall, Playtech saw its percentage revenues from Europe fall from 66% to 58% year-on-year in Q1 2014, although this was offset by the firm’s Asian operation which reported an increase in revenues to 33% from 22% last year. Across the rest of the globe, Playtech’s share of revenues slipped from 12% in Q1 2013 to 9% this year.
However, Playtech may face some major challenges soon as the company’s illicit operation in Asia’s unregulated market now represents a huge slice of its revenues, which could subsequently bring it into conflict with the UK Gambling Commission. In March, the gambling watchdog said from now on it would require license holders to justify their presence in any unregulated, grey market from which 3% or more of their total revenue are derived.
Following Playtech’s Q1 2014 results being released, shares in the company are currently trading at 659p, up from a 52 week low of 565p, giving the company a market capitalization of £1.93 billion.
Going forward into the next quarter, Playtech CEO Mor Weizer, said: “Looking ahead, the board remains confident regarding the continuing growth prospects for the company.”


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