Playtech Helped by William Hill

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Online casino software powerhouse Playtech reported a 70 per cent rise in full-year profits, boosted by its joint venture with the United Kingdom's second largest bookmaker, William Hill.

From the Financial Times of London:

The group, which is based in Estonia and is the biggest company listed on Aim, bought a series of gaming assets, businesses and contracts in 2008 and sold them for $250m (£163m) to William Hill to create William Hill Online (WHO), in return for a 29 per cent stake in the business.

The deal with William Hill did not initially start out smoothly, however, it still  brought in €22.5m (£20.1m) in profits for Playtech and helped boost pre-tax profits at the group from €41.4m to €70.3m for the year to December 31.

Revenue grew 3 per cent to €114.8m as it signed up new companies such as Virgin Gaming. Staff

Business/Financial News