Internet game giant Playtech plc had its shares crash on Monday after revenues in Asia were expected to be €70 million lower than originally forecast.
As of press time, the shares of Playtech plunged more than 25% to 558.61 GBX. The company states that competition in Asia is to blame for the lower forecasts, as these companies are coming in with "aggressive pricing". The group went on to claim that revenues outside of Asia were up 7% for the first half of the year, piggybacking on World Cup wagers.
Commenting on the matter Playtech CEO Mor Weizer said, "Clearly the recent trading performance in Asia is disappointing. We have taken steps to further support our partners in the region and we will continue to work to preserve our position in the face of an increasingly competitive environment."
"The organic growth reported in the non-Asian B2B gaming business combined with the recent acquisition of Snaitech in Italy provides management with confidence that this strategy will materially improve the quality and diversification of Playtech's performance in 2018 and beyond."