Playtech Aims to Expand after Strong Fourth Quarter
Playtech has reported strong results from the fourth quarter of last year and further plans to build on their success. Playtech’s next move will be to enter the US gambling market. Mor Weizer, the Chief Executive Officer at Playtech, was recently speaking about the upcoming opportunities in the US gambling market and said that the company “is preparing itself in 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.”
He went on to say that thanks to company growth last year Playtech is now in a position to “take advantage of market opportunities wherever as and when they appear.” During the final quarter Playtech saw an 89% growth (to €69.6 million) in comparison with 2010 and also saw income increase by 79% to €78.4 million.
Playtech have also announced that they are intending to use a $178 million “war chest” in order to buy up companies throughout Europe. Weizer said that they are planning on making acquisitions to make them the “dominant provider of online gambling in regulated markets” focusing primarily on Europe.
Most recently Playtech have announced that they are paying £11m for Geneity Ltd, a company based in the UK which provides software for sports books and the lottery. They also announced joint ventures with the Peermont Group in South Africa and the Merkur-Gauselmann group in Germany.
However, an analyst at Numis, Ivor Jones, has said that despite good results so far the company is lacking a focused strategy. Jones said that despite the revenue being better than expected, the “acquisition and joint venture announcements are characteristic of a company where the commercial and capital strategy seems to be constantly in flux.”