Second quarter result of Playtech
07-22-2009
Online gambling software manufacturer Playtech plc’s shares have dropped dramatically by 20 % when it reported its 2nd quarter figures this week. They announced that they anticipated entire year profits to be lower than anticipated. The company stated this was partially because of the unfavorable general economic situations, but more in particular to a slower than anticipated begin for its online betting joint venture with William Hill plc.
Playtech took a 29 % stake in the venture last October. Will Hill shares declined as well following the announcement of the giant gambling group that the online venture was dealing with an extensive integration period in a tough trading situation. However, the firm stated it was calm with market estimates for William Hill Online.
Playtech eased its outcomes with a statement that it had gone into a deliberate partnership for the provision of Playtech’s Casino and Poker product to the Serbian State Lottery, the sole supplier of online gaming in that country.
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