More casino gamblers playing online has resulted in profits increasing at Playtech. The online gambling company, based on the Isle of Man, has seen total revenues soar up by 53% in the 12 months to December 2012. This was mainly due to casino revenues which increased by a third.
Playtech is known for its development of popular slots games as well as having a 29% stake in William Hill Online. Their chief executive, Mor Weizer, has put their increased revenues down to a combination of the issuing of new licenses and growth across different sectors of their casino business. The growth in casino revenue is said to be down to more marketing investment by their operators and Weizer gives William Hill as an example of how more cash has been available for advertising their online casino rather than their sports betting channels.
The William Hill partnership is still causing controversy for both brands, with Weizer believing that they'll hold discussions this month regarding a possible buyout of Playtech's stake in WHO. Whether or not they'll sell is likely to be determined by the size of the offer on the table.
Replacing their earnings from the WHO agreement is likely to be difficult for the online gambling company so it'll be interesting to see which way the deal goes. There are also suggestions that they have been in discussions with Ladbrokes about possibly working together in the future.