The online gaming software firm of Playtech, which is based in the Isle of Man, released their financial results for the quarter ended December 31st, which saw gross income increased by 14% to €43.9 million, while revenue went up 21% to €36.9 million. The fourth quarter gains were led by gains in their online casino and online poker operations, but the brightest division of Playtech was by far their online bingo games section. The company’s share in the profit from William Hill Online PLC rose by a staggering 37% to €30.8 million, compared to €22.5 from the same quarter last year.
Playtech’s revenue came predominantly from the European market with a 61% share, down from 64% and 33% from the Asian Pacific region, up from 30%. Playtech had a €68 million in cash reserves, but they still need to make a final payment of €15.1 million for the acquisition of William Hill Online.
Mor Weizer, Chief Executive at Playtech said: “Growth from our existing business, when combined with the new licensees either just launched, or due to launch shortly, gives us a solid platform for 2011.”
Playtech also announced that it has agreed to acquire Intelligent Gaming Solutions (IGS), a Manchester based provider of software based casino management systems for up to £5.5 million with an initial payment of £2.5 million and the rest of the £3 million in milestone payments.