Playtech Revenues Up 97%

Online gambling software provider Playtech reported a 97% jump in first-quarter revenue and said it is highly confident regarding its performance for 2008 and beyond.

Revenues rose to $39m in the quarter ended 31 March compared with $19.8m last year. The group's Casino business continued to show strong growth, with revenues up 79% year-on-year to $27.2m. Poker revenues jumped 161% to $11m compared to the same quarter in 2007.

The growth in revenue during the first quarter has continued into April, Playtech said, with over 9% growth in revenues over the monthly average revenues in the first quarter of 2008. The group also expects to sign additional new licensees during the year which it said should further strengthen its revenue generation in the future.

"The addition of new licensees during the period and the anticipated full roll out of the new Asian P2P games and Flash Poker mean the group is well positioned to grow in Q2 and beyond," said chief executive Mor Weizer.

"The group continues to pursue significant business opportunities across all the regulated markets and the board is highly confident regarding the group's trading performance for 2008 and beyond," he added.

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