PlayTech is Confident for 2010

Submitted by Evan on Thu, 2010-03-18 at 17:19

PlayTech Logo 2009 was a rough year for the entire online gambling industry. Although operators saw an influx of former land-based casino customers, profits were not as impressive as they had hoped. As a result, online casino designers suffered as well, seeing disappointing profits all year long.

In a fortunate turn of events, however, PlayTech has made a remarkable financial leap this year, posting a 71% rise in net profits earlier this week. Due to signing a wide range of new licensees has certainly had positive effects for the company, which is predicting that 2010 will be a profitable year.

Already, PlayTech’s revenue has increased by 3% to $155 million, after 13 new licensees signed on to offer PlayTech’s software. The list includes such high-profile clients as the Serbian state lottery, SEGA and Virgin.

“We’re seeing a good performance from our existing licenses,” said CEO Mor Weizer.

The company also credits it partnership with William Hill for its impressive results, as PlayTech has earned $29 million in shared profits with the online gambling giant. This is the result of strong performances from its new Italian poker branch and its general casino offerings.

PlayTech has also partnered with Scientific Games Corp, an American-based online gambling company. This strategic move is expected to boost PlayTech’s profits, especially when online gambling is legalized and regulated in the United States.