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News > 2006 > 2006 August > 28 Aug 2006 > 28 Aug 2006 > Playtech sees gains from Online Gambling

Playtech sees gains from Online Gambling
28 Aug 2006

Playtech Ltd, the online gambling software group, saw an enormous rise in its first-half profits. Indeed, because of increased revenues from online gambling such as poker, and also because of new contracts being signed with online casinos, Playtech showed an increase of 172% in its profits. With these kinds of profits, Playtech is not too worried about the US laws seeking to ban online gambling.

Playtech’s net profit jumped to $37.3 million, with revenues up 139% to $46.2 million. Playtech expects similar results in the next half. Playtech also boasts the signing of seven additional licencees. This software is now used by 42 operators, who run between them about 140 online gambling sites. Even if some fo these online gambling sites might be affected by the US ban of online gambling, Playtech’s CEO is not overly concerned. He believes that in the very worst case, sports books in the US might be closed down; however, these sites would still continue to offer poker and other online casino operations. And even if they wouldn’t continue running poker and other casino operations, these businesses represent only 2% of Playtech’s online gamblers.

Playtech is headquartered on the Isle of Man and also has operations in Estonia. It is now looking to boost its online gambling market in Asia, with Mahjong. Asia has become the new focus of companies connected to online gambling who are looking to decrease their dependency on the uncertain US online gambling market. The Mahjong launch is the fruit of several years work of adapting the software to the Asian market.