81% Revenue Rise for Playtech
9th November, 2007
Gambling software developer Playtech has announced a year-on-year revenue rise of 81% in third quarter revenue to $26.9 million. Chief Executive of the group Mor Weizer called the quarter "outstanding", and said that the gain incorporated a 266% year-on-year hike in poker revenues to $7.5 million for the period and a 51% year-on-year rise of casino revenues to $19.2 million.
He told how the quarter's revenue was 11% above that of the second quarter, and went on to predict that that 2008's results would be above expectations.
A statement released by Playtech revealed that revenue 'significantly' exceeded results obtained before the change in US online gambling legislation. Its European-facing likenesses, the generator of more than 70% of its revenues was continuing to show strong growth and impressive market share gains.
News of the result spurred a 4% rise in the shares of the firm.
