Playtech’s Financial Report Shows Major Profits

Written by Haylie | Monday, March 30th, 2009

Playtech, online gambling software, is showing positive economic growth, so far this year. Before taxes, Playtech showed a €41.5 million earnings profit, which is a €26.9 million increase from 2007 profits. The company believes this significant rise in earnings is due to the expansion of Playtech’s portfolio via new licensees and a fervent organic growth. Adjusted net profit climbed 79%, and annual revenue grew by 70%. Casino revenues went up 68%, and poker went up 73%.

Upon the passage of the UIGEA and the overnight ban of online gambling in the US, Playtech lost roughly 40% of the company’s net worth in a single day, but it seems whatever was lost has been repaired. Even in the first 11 weeks of 2009, Playtech shows a 2.3% increase in revenue from the average throughout 2008. Mor Weizer, CEO for Playtech says, “I am pleased to present Playtech’s financial results for the year ended 31 December 2008. Once again Playtech has continued to grow from strength to strength both in terms of revenues and profits.”

Playtech’s commitment to growth has encouraged a close relationship with partner customers in order to facilitate development of new products that meet the needs of specific target markets. A constant pursuit for the improvement of already existing products provided to the company’s licensees has made for an impressive advancement during an otherwise difficult financial climate. To sustain a progressive position among licensed products, a new game software development division has been launched dedicated to considerably escalating the quantity of new games released to clients.

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