iPoker Revenue Down Six Percent in First Quarter

Israeli-based online gaming software developer Playtech today revealed a six percent drop in online poker revenue at its iPoker network.

The poker business unit made €5.3 million in the first quarter of 2012 compared to €5.7 million in the first quarter of 2011. The first quarter 2012 figure is three percent lower than the last quarter of 2011.

This compares to an overall increase of 104 percent across all business units including casino, bingo, and William Hill Online, the joint venture with the British bookmaker.

Total first quarter 2012 revenue grew to €75.1 million from €36.7 million in a year earlier.

Playtech is readying the launch of its joint venture with UK gaming group Gala Coral which will include casino, bingo, poker and mobile sports.

Mor Weizer, chief executive at Playtech, said, "Playtech has made an excellent start to 2012. Year-on-year growth across all our products has been strong, with the exception of poker.

“Although we anticipate a seasonal slowdown during the traditionally weaker summer months, I believe that the Company is well positioned to maintain the momentum into the rest of the year.”

The company also confirmed it was to seek a full listing on the London Stock Exchange and it was dropping its plan to purchase social gaming assets of its owner Teddy Sagi who was convicted of fraud and bribery in the mid-1990s. It will licence software instead.

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