Playtech posts strong revenues in Q4 2011

Gaming software development company Playtech Ltd. is optimistic moving forward into 2012 as it pulled in €69.6 million in revenue in 2011's last quarter, an 89 percent increase from the previous year.

Playtech's casino division raked in a 13 percent increase in revenue at €32.8 million while its bingo and videobet revenues were at €4.1 million €2.7 million, a 9 and 22 percent increase respectively. Not all were roses for the software company as its poker business slumped 6 percent to €5.5 million.

Overall in 2011, Playtech boasted a generous 46 percent increase in revenue totalling €207.5 million, up from €142.3 million in 2010. Playtech's profit from its joint venture with betting company William Hill were at €36.1 million in 2011, a 17 percent increase from 2010.

Playtech is encouraged with the upcoming opportunities for online gambling proponents in the US after the DOJ's ruling of allowing other online games outside of sports betting.

Playtech's CEO Mor Weizer commented:

"Playtech is preparing itself for each and every market to help its customers and partners make the most of the changing regulatory landscape and invest into those to certify its products,".

The company also announced that it has engaged German gaming company Gauselmann in a joint venture as both companies aim to target the upcoming regularization of the German market.