Playtech continues record growth into second quarter 2008

Casino revenues in second quarter increased 77% to us$ 30.8 million year-on-year and 13% on the previous quarter, while poker revenues climbed 74% to us$ 11 million, with Europe remaining the company’s largest market with 72% of total revenues. The Asia Pacific region contributed a further 21% of total revenues.

For the first half of 2008, Playtech’s revenues amounted to us$ 81.4 million, an 85% improvement on the previous year, with both casino and poker recording strong year-on-year revenue growth of 78% and 109% respectively.

Playtech said that it anticipates its Asian P2P games, as well as its recently signed licensees, to launch fully in the third quarter. The company is also hopeful that its recently signed agreements with leading Italian operators will lead to a leading position in the Italian market, where the company is in the process of establishing a poker network.

Mor Weizer, Playtech’s CEO said: "The second quarter of 2008 was a further significant period of growth for Playtech. This level of performance, particularly considering the impact of the Euro 2008 football tournament and traditional seasonality, is very impressive with licensees continuing to win relative market share."

"The group also successfully raised us$ 224 million during the second quarter and the net proceeds are to be utilized to finance acquisition opportunities. Playtech has demonstrated its ability to leverage acquisitions and believe this money raised will provide the group with an extremely strong balance sheet that will allow it to take advantage of further opportunities that the current market offers and in relation to that the group has commenced due diligence on a potential acquisition opportunity," he concluded.