Playtech Exceeding Market Earnings Forecasts For 2014
Online gaming provider Playtech are having a good year. This follows their better than expected earnings in 2013. Today they announced the expect profits to be higher than originally forecast due largely to their expansion in Britain, Mexico and Italy.
Core earnings were up for Playtech by 28 percent to $128.9m in the six months to the end of June. In a statement the company was confident enough to predict they will exceed the market expectations for the full year. The management went on to confirm that earnings in the third quarter were already 21 percent ahead of last year. Playtech’s new partnerships include top Mexican gambling group Caliente as well as the British newspaper publisher Trinity Mirror.
Another factor contributing to Playtech’s success is their partnership with Ladbrokes which has been up and running since April this year. Analysts are forecasting a core profit of €179.70 for 2014. According to CFO Ron Hoffman Playtech had exceeded forecasts by 9 percent for the first half of the year.
On the horizon Playtech also want to see how the Netherlands online gambling industry develops as they have already partnered up with Dutch company Holland Casino.
Playtech was founded by Israel Entrepreneur Teddy Sagi who has a colorful background and has come under fire of late. Sagi earned a huge chunk of change when he sold over 15 percent of the company in March. No need to worry about him as he still owns about a third of the company. Judging by his recent acquisition spree he is not slowing down.