iPoker Revenue Jumps 23.8 Percent at Playtech

Playtech, the Israel-based software developer and operator which owns the iPoker network today released its financial statistics for the first six months of 2009.

Poker revenue, which is generated from relationships with popular online poker rooms such as PaddyPowerPoker, Boylepoker, and Titan, was up 23.8 percent to €17.3 million compared to €14.0 million in the same period of 2008.

During the first half of the year Playtech launched its Italian poker network which it says is, “exceeding management’s expectations and is now Italy’s third largest poker network with a market share in excess of 15 percent."

Mor Weizner, CEO of the company said, “Gamenet, which joined the network in mid-August is the latest addition and strengthens our position as a key licensor in the regulated Italian market. Several other operators have expressed an interest in developing new opportunities with Playtech in the Italian market and I am confident that these discussions will generate new licensees in the near future. Importantly, the Company is continuing its work with licensees to exploit additional opportunities that are appearing in Italy, as the government moves to further liberalise online gaming."

The company also said it was “pursuing a number of opportunities in the French market where progress is being made in addition to an agreement with Chillipoker, a strategic partner of Free, the country’s second largest internet service provider. Playtech is also actively reviewing developments in other markets that will soon be regulated in order to take advantage of opportunities for licensing, which are expected to emerge once regulations are put in place.”

Playtech’s casino revenues were also up by 2.2 percent to €37.6 million compared to €36.8 million and overall gross income was up 29.8 percent to €66.9 million from €51.6 million in the same period last year, boosted by the company’s recent deal with William Hill.

Playtech’s share price was up 3.83 percent (12.75 cent) at 10:30 a.m. and last quarter’s profit warning seems a thing of the past.

Related Articles

Playtech’s Poker Revenue Down 18 Percent

William Hill Completes Sportingbet Purchase

Playtech's Poker Revenue Falls 18 Percent In 2012

Most Viewed Articles