Platytech Casinos Boost Group’s Q1 Revenue

Online casinos powered by the software provider, Playtech, including top notch sites such as LesACasino, contributed to the group’s excellent first quarter numbers for 2014.  The UK based Playtech said that its casino sector increased 25.6% year on year in Q1 2014 – a jump from €44.1 million in 2013 to €55.4 million in 2014.  Impressive growth was also seen in Playtech’s sports betting sector, which saw a 21.7% increase compared to the first quarter of 2013.  Translated into numbers, revenues grew from €4.6 million in the same time period last year to €5.6 million this year.

Growth was also seen in Playtech’s Services segment – 12.9% to €29.7 million. Revenue from
Playtech’s land-based brands also grew 16.7% to €2.8 million.

Unfortunately, Playtech could not brag a perfect track record when it came to revenue growth in the first quarter of the year, with its bingo and poker sectors performing negatively.

Poker revenue fell 13.6 %to  €3.8 million – reflecting a trend seen across the igaming industry – while bingo’s revenue dropped 16.7% to €4 million.

“Over the first quarter we focused on operational progress in key areas that are an inherent part of our growth strategy,” noted the chief executive of Playtech, Mor Weizer, “improving our casino and live offering, IMS and single wallet and sports betting capabilities.”

Weizer said that Playtech’s leading position in the mobile space has been bolstered by the launch of new products in recent months, including a number of “innovative games” along with poker and bingo products that have been specifically designed for tablets, smart phones and other mobile devices.

According to the chief executive, the two most significant achievements of the quarter for 2014 was the completion of the rollout of the group’s multi channel solution to the UK Coral retail outlets, as well as the migration of Ladbrokes entire online gaming offering to the Playtech platform.

Looking ahead, Weizer said that Playtech’s board remains confident about the continued growth rates for the company during the rest of 2014 and beyond.  Already, it has managed to report strong growth during the first month of the second quarter, with average daily revenue up by 15% compared to the same period last year. The first quarter ended with cash (and its equivalents) totaling €375.8 million.