Bingo Overtakes Poker as Revenue Generator

Bingo Overtakes Poker as Revenue GeneratorPlaytech is one of the largest gaming software development companies and was founded in 1999. Playtech provides software for online bingo and poker sites, scratch games, mobile applications and live dealer games. Playtech is a publicly traded company and was listed on the London Stock Exchange in 2006. Playtech has 1,000 employees in several countries. Playtech is heavily involved in the online bingo industry and in the company’s first quarter report Playtech said that online bingo now generated more revenue for the company than online poker.

Poker revenues declined by 18% while bingo revenues rose 9% compared to first quarter reports in 2012. Bingo now generates €4.8 million compared to poker’s €4.4 million. Both figures are dwarfed by the company’s total revenue figures of €87.5; up 16% from 2012. Playtech’s main income generators are casino operations that generated €44.1 and services generated €26.3 million. Playtech CEO Mor Weitzer said that the company’s deal with bookmaker Ladbrokes as one of Playtech’s major accomplishments. Weitzer stated “Our landmark transaction with Ladbrokes, under which Playtech will provide its full product suite and marketing advisory services, clearly demonstrates Playtech’s unique position.”

The deal means that Ladbrokes, an old and well established British bookmaker, will move into online poker and will use several of Playtech’s services. Ladbrokes was founded way back in 1886 and adopted the name Ladbrokes in 1902. Ladbrokes is the largest retail bookmaker in the world and has 4,200 betting shops in the UK and Ireland. The company also has shops in Spain and Belgium. Ladbrokes is currently involved in several online gaming sectors including online bingo.

William Hill has bought back Playtech’s interest in William Hill online and remains a customer using Playtech’s services team. The Buyback of Playtech’s interest made a “cash-on-cash return of more than 3.5 times, excluding software royalties.” Playtech received a generous return on the company’s investment in William Hill Online. William Hill posted an 8% increase in the company’s first quarter profits. A 1.5% fall in the share price accompanied the first quarter release but investors will be pleased to learn that Playtech is up by 46% since the beginning of the year.

Bingo has been growing in popularity in the UK in recent years. Gaming experts say that mobile gaming is driving growth in all igaming sectors. Social gaming has also been a hot industry topic.

Online Bingo Reviews

Subscribe for Newsletter

We respect your email privacy
Read our privacy policy
Protected by Copyscape Original Content Checker
Visit Us On Twitter