Online gambling software developer Playtech reports revenue recovery

Gaming software developer Playtech reported stronger than anticipated revenue numbers yesterday, further proof that while the UIGEA may have dampened the growth potential for gaming companies, expansion into other markets is starting to make up the opportunities lost in the US.

Playtech reported revenue from continuing operations up 80% over the same period last year to $44.0 million. The operating profit for the period amounted to $24.6 million, a 17% decrease over the same period last year, primarily as a result of the withdrawal from the US online gaming market.

In a press release, Mor Weizer, chief executive of Playtech, said: “This has been another highly successful first half for Playtech and we continue to enhance our position as the world’s leading software solution provider to the gaming industry. The group has further strengthened its foothold through the development of its relationship with existing licensees and through gaining additional licensees, as well as developing products specifically aimed at the Asian markets.”

Weizer is likely referring in his last sentence to the rumored P2P Asian network Playtech has had under development for some time now.

The news of the revenue jump pushed Playtech shares up slightly in early morning trading.