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Strong Playtech Earnings
Releasing its 2008 full year results this week, online gambling software developer Playtech has reported a surge in profits, driven by strong growth in revenues. The company posted FY profit prior to taxation of Euro 41.45 million, up from Euro 26.83 million over the 2007 corresponding period.
Profit advanced 55 percent to Euro 40.69 million from Euro 26.3 million in FY 2007, with earnings per share well up at Euro 17.3 cents compared with Euro 11.7 cents in 2007.
Adjusted net profit surged 79 percent to Euro 78.6 million from Euro 43.9 million a year before, with adjusted earnings per share of Euro 33.4 cents (2007: Euro 19.5 cents).
Annual revenues soared 70 percent to Euro 111.45 million (2007: Euro 65.66 million) following strong organic growth of its existing licensees and the expansion of its portfolio through additional licensees.
Online casino revenues totaled Euro 79.4 million, an increase of 68 percent on 2007's Euro 47.4 million, and online poker revenues rose by Euro 73 percent to Euro 30.1 million (2007: Euro 17.4 million).
Management advised that the first 11 weeks of 2009 had shown revenues up 2.3 percent on the 2008 average. The joint venture with the William Hill group was delivering an average daily income to Playtech about 40 percent greater than the daily average income the company generated from its former customer during the previous quarter.
Additionally, the group noted that it has finalised the terms of agreement for Gamenet S.P.A., owned by CRIGA, to join its standalone Italian online poker network.
Playtech remarked that its agreement with William Hill Online is on course to offer significant benefits to its earnings in 2009 and further strengthens its position.
The group also announced a major, exclusive multi-year licensing agreement with MGM interactive, Inc. to use all of its Rocky and Pink Panther motion picture brands. Playtech will be able to use these brands across all of its gaming products, including Internet casino, poker, bingo and on all of its platforms online, mobile and T.V., as well as on stand alone and server-based gaming terminals, via Videobet.
Playtech CEO Mor Weizer revealed that the company has acquired sports betting and betting exchange software from Player2Players. Under the terms of the agreement, Player2Players' software may be integrated into Playtech's existing platforms and would be available to Playtech licensees.
Weizer said two notable achievements defined an excellent year for the company: raising GBP 112 million in June and the transaction with William Hill Online than flowed from it.
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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