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Online casino software superstar Playtech has reported a major rise in full-year profits. The company claims to have seen profits rise a staggering 70% in the last year.
In 2008, Playtech bought a series of gaming assets, businesses and contracts and sold them to William Hill to create William Hill Online (WHO) in return the software providers received a 29% stake in the business.
While things did not initially go well for the partnership Playtech owes a good portion of their full-year profits to the deal. This last year they saw a €22.5m profit from WHO alone boosting their pre-tax profits from €41.4m to €70.3m overall.
Total revenue was also up. After signing up a few new companies including Virgin Gaming the group saw a 3% growth margin bring their total revenue up to €114.8m.
Yesterday the big providers signed a bingo licensing agreement with Boylesports should be interesting to see how that affects their profits in the coming year.
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