Playtech have just announced their Q1 results for 2014 and shows a 14% increase in revenues year-on-year. Playtech announces at the same time that the good result comes from their live casino and sports betting offerings, which has increased significantly since last year. Playtech had a total revenue of €102.7 million in Q1 2014, compared to €87.5 million in the same period last year.
Playtech's live casino is the biggest contributor to the overall revenue with a total of €55.4 million in revenue, a 25.6% increase compared to last year numbers of €44.1 million in the same period. Sports betting also experienced a growth in revenues, having an increase of 21.7% to €5.6 million in total revenues.
Not all of Playtech's products are doing well though, as bingo and poker both saw a large decrease in revenues in Q1. Bingo fell 16.7% in revenues year-on-year, while poker was not much better, having decreased revenues of 13.6% year-on-year. CEO of Playtech, Mor Weizer, still believes that Playtech is heading in the right direction and sees their Q1 performance as strong and mainly positive.
“The company's diverse licensee base has delivered a robust performance driven by our flagship Casino, Live Casino, Sport Betting and mobile products,” Weizer explained.
"The two most significant achievements of the quarter were the completion of the roll out of our multi-channel solution to Coral retail outlets and the migration of the entire Ladbrokes online gaming offer onto the Playtech platform. Looking ahead, the board remains confident regarding the continuing growth prospects for the company." Weizer ended.