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Online gambling software provider now using Euro as reporting currency
November 11, 2008 (InfoPowa News) — It’s been another successful quarter for online gambling software provider Playtech plc, which this week presented accounts for quarter three 2008 and for the nine months to end September 2008.
The company notes that it has changed its reporting currency to the Euro, converting all previous U.S. dollar figures at a flat rate of $1.5777 to the Euro.
Quarter 3 revenues soared 67 percent to €28.5 million (Q3 2007: €17 million). Casino revenues totalled €20.6 million, an increase of 69 percent; poker revenues were also well up at €7.6 million, an increase of 60 percent over the same period in 2007.
Total revenues for the first 9 months of 2008 were €80.1 million — up 78 percent from the €44.9 million earned in the first 9 months of 2007. Over the nine months, casino revenues increased by 75 percent to €57.3 million and poker revenues grew by 88 percent to €21.5 million compared with the same period in 2007.
Management reports that current trading in the start of Q4 in October was very strong, registering 10.6 prcent growth on an average daily basis in its online activities compared with the daily average experienced during Q3 2008. November trading, to date, has shown further growth on October 2008.
Operational highlights included:
* 4 new licence agreements signed during the quarter, including leading Italian operators Eurobet Italia, Sisal SpA, and Cogetech SpA.
* 3 memoranda of understanding with operators located in regulated jurisdictions.
* The successful migration of Mansion poker room to the iPoker network completed at the end of September 2008.
* A play-for-fun poker version was launched on Playtech’s Italian poker network. Play for real version intended to be launched by the end of Q4 2008.
* Strong pipeline of new licensees.
Playtech continues to expand its product offering, reports the company’s management. During the quarter it fully launched its Asian P2P Games with selected licensees together with an enhanced set of management tools specifically for use with the Asian markets.
