Online Gambling Firms Centrebet, Playtech, William Hill Profits All Up
More good news for the online gambling sector as a number of top firms reported profit increases on Thursday: Centrebet, Playtech and William Hill among them.
Following in the footsteps of strong financial numbers from Ireland’s online powerhouse Paddy Power, Centrebet out of Australia said its profits jumped a whopping 75 percent.
New and innovative products were allowing it to grow, according to a company statement.
Centrebet shares were up 7.5 cents, or 5 per cent, in recent trading to $1.57 on Thursday.
"Our outstanding FY10 (financial 2010) is indicative of the progress the company has made and continues to make," Centrebet chief executive Con Kafataris said.
Meanwhile, the online gambling software firm Playtech reported gross income increased by 31 percent to €87.9m for the first half of 2010 from €66.9m last year. Total revenues were up by 29 percent to €72.9m from €56.7m, while adjusted EDITDA rose by 20 percent to €54.2m from €45.3m.
Playtech cited newly established relations with the United Kingdom’s second largest bookmaker, William Hill, with helping to push profits. Strategic partnerships with Scientific Games and Sportech also helped.
Elsewhere, William Hill posted modest profits. Like many of its colleagues, the betting firm was adversely affected by poor horse racing results, which were offset by a strong World Cup showing.
William Hill is confronted with the UK governments desire to raise taxes in the coming year, something that could result in less spending.
"There is nobody talking up the economy at the moment. We remain cautious moving into 2011 given the ongoing consumer uncertainty," Chief Executive Ralph Topping said.
Aaron Goldstein, Gambling911.com
