Playtech announces record results for first half of 2008

Casino and poker software provider Playtech has proudly announced its half-year results, which show an impressive 85% increase of total revenues compared to last year.

Most of the growth came from the poker sector, with revenues up by 109% from $10.5 million last year to $22 million this year. The casino revenues – which account for most of Playtech’s business – have not lagged behind either, with a 78% growth from $32.6 million in 2007 to $58 million this year.

Part of the reason for this impressive growth is the signing of 10 new license agreements so far this year, including industry leaders Betsson, Vista Global Limited (responsible for Hollywood Poker) and SNAI S.R.L (a leading Italian operator.) There is a “strong pipeline of potential licensees” to become more licenses in the near future.

There is more growth in Playtech’s future, as it has just launched its Asian P2P in August, which is being rolled out at the moment. Another important new product that has recently been completed is the Flash Poker product, which will be distributed and implemented during Q3. Finally, Playtech reached an exclusive licensing agreement with Paramount for rights to the popular film-inspired brands "Gladiator" and "The Untouchables," which will mean new themed games coming up in the future.

Another exciting landmark for Playtech is the fact that iPoker has at the moment the world's largest poker liquidity pool in the industry (excluding the US.)

Playtech’s Chief Executive Mor Weizer commented on this unprecedented growth:

We are very pleased with these results, which demonstrate Playtech's continued progress as the world's leading software provider to the gaming market. Playtech is ideally placed to capitalise on the opportunities provided by the fast-growing global gaming market. The Company has potential for far more significant growth and its unique business model places it in a strong position. The Board looks forward to the future with confidence.

Finally, Playtech also announced its recent partnership with leading German financial institution Deutsche bank, who now joins Playtech's existing Nominated Adviser ("NOMAD") and broker, Collins Stewart Europe Limited ("Collins Stewart") as a joint broker. CEO Weizer welcomed Deutsche bank to the Playtech brand, declaring, “We are very pleased to welcome Deutsche Bank on board as joint broker working alongside Collins Stewart. We have the highest opinion of both companies and we look forward to a productive working relationship.”