Playtech Cashing in on New Ventures
It looks like Playtech is at the top of its game. The business-to-business gaming software supplier has reported strong first half results boosted by regulatory changes across Europe. With the launch of new networks and a rise of almost a third in revenues from its joint venture with William Hill, it comes as no surprise that the company is faring quite nicely
Playtech has also announced a flash-based casino product is expected to go live at the end of this month, complementary to Betfair.
The joint venture with William Hill has Playtech seeing green. The cash generated from operating activities and sums received from William Hill almost doubled this year, to €60.8m compared to €37.4m in 2009. Total revenues for the six months from the deal were €72.9m, representing an increase of 29% over the €56.7m achieved in the first half of 2009.
Other ventures such as the launch of new networks has contributed to Playtech’s gross income increase. In total, an astounding overall 31% increase to €87.9m for the six months ending June 30 2010 from €66.9m last year. Total revenues were up by 29% to €72.9m from €56.7m, while adjusted EDITDA rose by 20% to €54.2m from €45.3m.
Playtech signed a five-year agreement with William Hill in 2008 to supply the UK bookmaker with its online casino and poker software.
With profits like this, it looks like Playtech and Willian Hill have come up on top.