Playtech Finishes 2011 on High Note

Playtech Finishes 2011 on High Note

Posted on 20/12/11 - by Theodor Mavrodis News

Online gambling software provider Playtech has finished 2011 on a high note, with strong financial results and the acquisition of Ash Gaming expanding its product line.

Playtech's software powers many of the most popular online casino sites, including Europa Casino, William Hill, and a host of others. The company's software includes casino games, poker, bingo, and sportsbetting options, giving clients the options of a wide range of popular games to license and offer players.

Playtech's financial results met or exceeded expectations throughout 2011, with steady growth as compared to 2010 and increased performance from its core casino and poker products -- with its poker operations getting a boost from the introduction of online cash games in the Italian market.

The company continued to reap benefits from its joint venture with William Hill and signed several new high profile clients in 2011 such as Paddy Power.

Playtech closed out 2011 with the announcement that it was acquiring Ash Gaming in a deal worth up to £23 million. Ash Gaming develops online casino software with an emphasis on slots games and sportsbetting.

The company also raised £100 million in November 2011 via a private offering that provided additional funds to seek out further expansion through acquisitions and investments in additional joint ventures similar to its William Hill deal.

Playtech is one of the larger publicly-traded companies that provides software and related services for online gaming companies. Its decision to focus solely on licensing software -- Playtech doesn't operate any online gambling sites directly -- helps it avoid some of the swings that other gambling operators experience.

Playtech's casino products are some of the most popular on the market (including its Beach Life progressive slots game), while its iPoker poker network currently vies with PartyPoker as the second-largest online poker offering in the world behind PokerStars.

Israeli billionaire founder Teddy Sagi retains a majority stake in the company.