Online poker and casino software provider Playtech announced record first quarter 2008 revenues of US$39m for the three month period to the end of March this morning.

The total represents an increase of 97% on the US$19.8m achieved in the same period last year and a 19% rise on US$32.7m on fourth quarter 2007 revenues.

Casino revenues rose 79% to US$27.2m on US$15.2m last year and 19% on US$23m on the last quarter of 2007.  Poker revenues totalled US$11m, an annual increase of 161% on US$4.2m in 2007 and a quarter on quarter rise of 17% (US$9.4m).

Mor Weizer, chief executive of Playtech, said: “This has been an outstanding quarter for the group, registering impressive month on month revenue growth. The addition of new licensees during the period and the anticipated full roll out of the new Asian P2P games and Flash Poker mean the group is well positioned to grow in Q2 and beyond. The group continues to pursue significant business opportunities across all the regulated markets and the Board is highly confident regarding the group’s trading performance for 2008 and beyond.”

Operational highlights included Playtech’s iPoker network becoming the largest non-US poker liquidity pool worldwide, nine new licence agreements and the soft launch of Asian peer-to-peer games during the quarter, with full roll out expected in the next three months. Development of a Flash poker product was completed and will launch in the third quarter of the year. The company has also initiated a “homologation process in various regulated jurisdictions”.      

The company said current trading during April was up 9% on first quarter activity levels and the licenses and new product pipeline and momentum was continuing apace.

Playtech also went live with  Palmascasino.com, the online casino offering for Entretenimiento De Mexico (Emex). Emex operates 15 casinos throughout Mexico under a full federal permit. The company said it was looking forward to seeing its online offering grow and since its federal licence allowed it to offer various forms of online gaming, the next logical step was to provide its customers with “a true one-stop gaming experience”.

Posted: 2008-05-06