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Gambling software developer Playtech has released its third quarter 2011 financial results, which were stronger than expected.
Reporting on his company's financial report, Playtech CEO Mor Weizer said: "Playtech's diverse revenue streams have delivered a strong performance over the traditionally quieter third quarter thanks to the launch of Italian cash poker and casino products, improvements in poker revenues following the change in the market structure after the suspension of one of the largest poker operators, and the continued strength of bingo and Videobet, where the UK roll-out has now completed."
"PTTS has been integrated exactly as planned and is performing well and primed to add significant value as we deliver new turnkey projects and JVs."
"New product launches have performed well and we are in discussions with a number of significant gaming businesses looking to utilise Playtech's market leading technology and services. The Company is also in discussions with potential joint venture partners in different regulated markets."
"Despite continued regulatory uncertainty in certain European markets, these results demonstrate the strength of Playtech's business giving us confidence for the full year. Playtech is positioned to establish itself as a leading supplier and a JV partner in different regulated jurisdictions and discussions are underway in regulated and soon to be regulated markets."
Key highlights from the company's third quarter ending September 30th were:
Online gambling software and games developer Playtech plc released its Q3,2011 results this week, showcasing another strong performance with the promise of meeting expectations for the full year.
Excluding new services division - comprises revenues generated by PTTS, acquired on 1 July 2011, together with some non-material reclassification of services revenues from within 'Other Revenues':
The breakdown of revenue streams shows:
Playtech also updated its nine months year-to-date numbers:
Excluding services division and impact of French closure: