Playtech announced on Thursday that profits were expected to come in ahead of predictions this year. This is due in part to new contracts that have recently been signed in Mexico, Britain and Italy supporting confidence at this online gambling software corporation. Playtech stocks, which are recorded in London, operated 7.7 percent greater, which sets this corporations net worth at about 2 billion pounds.
Some may not know Playtech, but they know their software quite well. They provide the software that provides hours of entertainment for online casino’s and sports betting arenas. With the increase of online betting arenas across the globe, one of the best software packages is getting quite a bit of attention. In fact, their core earnings is said to have increased almost 30 percent in the past six months. That is an increase in profits of nearly 98 million euros or $130 million dollars. Measuring their profits since the end of June only looks promising for a company who already has projections on the upswing.
The official announcement came through the newspaper “Trinity Mirror” in Britain. They said that they had officially signed deals with Caliente, a leading Mexican gambling group that they have had their eye on for some time. The announcement was also listed in a Italian newspaper, but no specifics are readily available on that source of media.
In their official statement, they said that they are confident that they will meet and exceed their marketing expectations for the year 2014. They have already added revenue during the third quarter that was far in excess of 20 percent of what they did last year. With an optimistic view, they hope to smash through previous records and increasingly provide software and support to the vast amount of online casinos.
The CFO of Playtech is Ron Hofman. He spoke candidly in this interview and said that the forecasts made for the company and their financial projection had been beaten by more than 9 percent. If this is any indication of how the rest of the year may look, things are definitely looking good. Analysts, who have been following Playtech’s stocks, estimated that they would make around 180 million euros by the end of the 2014 calendar year.
Some of the success is due in part to the companies’ partnerships with Ladbrokes and the Dutch Holland Casino. Ladbrokes has only been up and running since the end of April, but still as with most online casinos, they are turning a profit. The contract with the Dutch Holland Casino hasn’t been profitable yet, as online gambling isn’t legalized yet. In the Netherlands, it is expected that online gambling will be legalized as of next year. As more and more countries start to legalize online gambling, it only helps to increase the profitability of Playtech. Still many areas, including the US, don’t have legalized gambling and this is uncharted territory that can equal big payoffs. They are being patient and in the meantime, making a ton of money on the areas where it is legal.