Playtech announces full year results

Playtech the online casino software provider has announced full year operating profits up some 70% from €41 million to €70 million and revenues up 3% to €115 million. The company which is based in Estonia suggested that the joint  venture with William Hill to form William Hill Online (WHO) was the main reason  for the increase; we reported on this in July last year. Chief Executive Mor Weizer said the company was  generating cash which would enable it to make more aquisitions if needed. It has already joined up with Scientific Games Corp in January, a New York based company specialising in lottery software, in the anticipation  of the US opening up the online business and in February acquired Virtue Fusion, an online bingo provider. The deal with Scientific Games is particularly significant as according to Weizer when Governments start to legislate the state lotteries will need to expand into a variety of online casino products including bingo and poker and Playtech will be well placed to service these requirements. In the year Playtech claims to have made 13 license wins including the Serbian State Lottery and most recently has announced that it is providing Bingo software to Boylesports through the Virtue Fusion Alderney platform. Boylesports already uses Playtech software for its poker games. Boylesports Head of Online, Conor Grant said “As the industry leading provider of online gaming software, Playtech have a proven track record for supplying fantastic products with great liquidity.”