Playtech Financials Soar in First Quarter

Playtech Ltd, the world’s largest online gaming software provider and operator of the iPoker network, saw record revenue figures in the first quarter of 2008.  The company has clearly recovered from the post-UIGEA trauma and, in fact, is one of the few companies that has actually thrived in the absence of U.S. customers. 

Revenues for the quarter were $39 million, an astounding 97 percent increase from last year’s first quarter numbers.  This figure is also 19 percent more than the fourth quarter of 2007.   

The majority of the revenue, $27.2 million, was from Playtech’s casino operations, a 79 percent rise from the $15.2 million of the same quarter last year.  This was also a 19 percent increase from the previous quarter.  Most of the remainder, $11 million, was from poker, up 161 percent from the first quarter of 2007, and up 17 percent on the fourth quarter. 

Additionally, the company started out the second quarter of 2008 well, with 9 percent revenue growth over the previous quarter’s monthly average.