Playtech Limited, the AIM-quoted, Cyprus-based designer, developer and licensor of gaming software, has announced further progress in its quest to be a dominant force in the online poker and casino industry.
In a trading update for the first quarter of 2007, announced to the London Stock Exchange, Playtech has revealed that its total revenues were $19,800,000, an increase of 14% on the previous quarter, and only marginally below the level of the first quarter of 2006 when there was still a thriving US market, prior to the law changes in the States during October 2006.
Of these revenues, "poker" was still the baby brother of "casino", but growing as a percentage of the total.
In the quarter to 31st March 2007, Playtech's poker revenues were $4,200,000 (up 56% on the previous quarter and more than double that of a year previous, prior to some of the acquisitions such as the Tribeca Tables and Tain networks).
Casino revenues from Playtech's flagship product increased by a more modest 7% to $15,200,000 over the previous quarter.
In 2006, Playtech acquired the Tribeca Tables poker assets, previously used by leading rooms such as VC Poker and Paddy Power Poker. Migration of the players from these rooms and many more was successfully completed in March 2007, one month ahead of management expectations. Following this migration, together with the growth of its existing licensees, Playtech's iPoker network has more than doubled its number of players, making it one of the world's largest poker networks.
In the land-based casino sector, Playtech has a business called Videobet which it says has concluded the development of its server-based, LAN and stand-alone terminals and continues to invest in expanding its games portfolio to accommodate the requirement of the European, Asian and South American markets.
The Chief Executive Officer of Playtech, Mor Weizer, said:
"Playtech has started the year extremely well and this is likely to continue into the second quarter of the year. Recent changes across various regulated markets are creating significant business opportunities for Playtech, which we are actively pursuing. We look forward to developing these opportunities supported by our strong focus on product innovation and development."
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