Playtech reports revenue increase of 25% in H1 2017
Online gambling software provider Playtech has reported a strong performance for the first half of 2017 with a 25% year-on-year increase in total revenue, with €421.6m in total revenues compared to €337.7m at the end of H1 in 2016. The figures cover the six months from the start of 2017 up until 30th June.
The findings of the half-year report, issued as an update to investors, were also presented via a live webcast for analysts and investors last Thursday, August 24th.
Solid Performance from the Gaming Division
The report, published last week, showed a particularly strong performance from the company’s gaming division. Along with the flagship casino offering showing 28% growth, regulated gaming revenues grew 44% – up from 39% in H1 2016 – and online software revenues of 38%, an increase from 29% in H1 2016, were also announced. The report also cites a new sports contract signed with Greek operator OPAP, along with renewing contracts with big players in the sports betting industry, including Paddy Power Betfair, Sky Bet, and Betfred, as key to the strong performance and a “clear testament to Playtech’s industry leading offering”.
Further operational highlights from the gaming division were the successful integration of acquisitions, strong performance in Asian markets, a LIVE offering launched in conjunction with the world’s largest live casino in Riga, and a string of new licensees.
Speaking on the solid half year performance, Playtech Chairman, Alan Jackson, commented:
“The proven strength of the Playtech model was once again demonstrated with a strong H1 performance driven by both underlying growth and recent acquisitions. Taken all together, this proven platform for growth across the business has again delivered a strong performance and management remain confident of further strategic progress in the second half of 2017”.
Mobile a key driver for growth
Mobile is a key driver of growth for the firm, with mobile revenues accounting for 38% of overall software revenue, which is an increase from 29% in 2016. The mobile trend is most evident in the UK market, where the report states that mobile accounted for 56% of software revenues. While mobile contributes less to software revenues in the rest of world at 33%, this is an increase from 18% last year, highlighting the opportunity for growth in mobile through the world.
The group also has a financials division, which was recently re-named TradeTech Group. After a number of key acquisitions through this year and last, the report states the financials division is “trading in line with expectations”.
Playtech was founded in 1999 and is a leading software provider for the gambling industry with over 130 licenses worldwide.