Gambling software developer Playtech announced its financial results for the quarter ended September 30, 2015. Revenue increased 47% year-on-year to €170.9 million. The amount of €116.5 million was posted for the same period a year ago.
Excluding acquisitions and adding back the impact of the recently introduced UK Point of Consumption tax, revenue increased 24% year-on-year.
The company’s gaming division generated total revenue of €143.4 million during the third quarter of the year, up 23% from the €116.5 million posted for the three months ended September 30, 2014. Revenue from casino products amounted to €75.4 million, up 21% year-on-year. Other related services generated €40.1 million compared to €34 million for the same period a year ago.
Revenue from sports betting products increased 25% to €8.9 million. Land-based operations posted a 134% increase to €8.3 million. Bingo products generated €5.3 million, up 15% year-on-year. Poker declined 25% year-on-year to €2.5 million. Other related products generated €3 million, up 88% year-on-year.
Playtech said that both its new and existing gaming businesses posted a strong growth in revenue. It is also important to note that 73% of that growth was accountable to regulated markets. Revenue from mobile operations accounted for 23% of the overall figures posted for the third quarter of the year. It accounted for 17% of the company’s revenue for the same period a year ago.
As previously reported, Playtech bought a majority stake in popular online forex trading platform TradeFX during the second quarter of the year. Thus, the software developer made its first foray into the world of forex trading. In June, the company also announced the acquisition of Plus500. Later on, it expressed interest in buying AvaTrade, a decision that was opposed by the Central Bank of Ireland.
Revenue for the first full quarter of operation of Playtech’s financial division amounted to €27.5 million. The company said that it expects to receive regulatory approval to complete Plus500’s purchase by the end of November. It also noted that it has formally challenged the Central Bank of Ireland’s decision to oppose the purchase of AvaTrade.
Playtech Chief Executive Officer Mor Weizer commented that the company managed to deliver strong operational performance in the three months ended September 30. The executive further noted that they are optimistic about the full-year results, due to the momentum the software developer is currently enjoying as well as the overall strength of both its gaming and financial businesses.
