Playtech gears up for global expansion
Posted by Jared v.D. W 24 January, 2012
LONDON (Reuters) – Playtech, the world's largest provider of on the internet gaming software program, mentioned it saw rising possibilities as gambling laws are relaxed across the world and was confident of meeting full year expectations following a surge in revenues.
The Estonia-based firm, which operates a joint venture with Britain's greatest bookmaker William Hill, mentioned total income improved by 89 percent year-on-year in the fourth quarter to 69.6 million euros (.8 million).
"The board is extremely comfortable with market expectations for the year ended December 31 2011 and looks forward to 2012 with confidence," Chief Executive Mor Weizer said in a statement on Tuesday.
Market expectations for Playtech's full-year earnings prior to interest, tax, depreciation and amortization (EBITDA) presently range amongst 105.four million euros and 120.6 million euros with the typical at 116.7 million according to a Thomson Reuters I/B/E/S poll of 7 analysts.
The company, in which billionaire Israeli founder Teddy Sagi holds a 46.6 percent stake, said the opening up of on the internet gambling markets would present opportunities for international expansion.
"Playtech is well positioned to take benefit of market place possibilities wherever as and when they seem," Weizer said.
Playtech raised 100 million pounds by means of a share putting last November to finance acquisition opportunities.
The business is preparing itself for the possible legalization of some types of on the web gambling this year.
The United States Justice Department mentioned in December that only on the web betting on sporting contests is unlawful, clearing the way for other types of Internet gambling such poker and casino games to be legalized.
Playtech has currently positioned itself for the U.S. market place re-opening, signing a deal to offer computer software to the California On the web Poker Association (COPA) final year.
"The U.S. Department of Justice's pre-Christmas guidance has supplied additional encouragement for those hunting to attain regulation in the U.S. Playtech is preparing itself for each and each market," Weizer said.
(ũ = .7665 euros)
(Reporting by Matt Scuffham editing by Lorraine Turner)
