Poker Software Company Reports Outstanding Profits

Internet gaming software company Playtech reported a sharp rise in its online poker-generated revenues during the first six months of this year. Compared to last year, poker revenues are up 851 percent. Last year, $500,000 was generated by its poker software; this year it's $4.8 million.

Playtech provides software for the iPoker networks, which includes Titan and Noble poker. It also provides many versions of casino and bingo game software to 42 operators (including poker sites). It floated its stock on the London Stock Exchange in March of this year and the company is valued at about $984 million.

Its total revenues are up 139 percent to $46.2 million and its adjusted net profit for the first six months of the year is up 172 percent to $37.3 million. Last year the profit sat a little below $14 million. Its revenues from casino game software are up 129 percent to $40.4 million.

The company claims that the recent maneuvering by politicians to try to stop Internet gaming has had no effect on Playtech's performance because Playtech is not an operator and it has also worked to forge into more international markets, particularly Asia. It also doesn't provide software for sportsbook sites, which the United States government has been actively trying to shut down.

Playtech also added seven new licensees to its stable already this year, three of which were game sites already established in Europe and Asia. The company's goal is to be the "leading software solution company to the international online gaming market," according to the report.

The board has plans to continually develop market-leading solutions for its licensees to enable them to increase their revenues, to supply a global software solution that is tailored for specific markets, to enhance cross-selling opportunities using the unified system philosophy, and to continue worldwide expansion.

In order to ensure the company has quality employees to implement its plan, Playtech established Playtech Academy, its own computer science academy based in Tartu, Estonia. Currently, 40 students are enrolled in the IT classes. Some of them will surely staff the new development center the company is opening in Bulgaria.

Playtech is headquartered in Isle of Man.

Most Viewed Articles