Sport doubles as Playtech posts strongest ever quarter
Total revenue jumps 29% as Weizer confident firm will exceed market expectations
Playtech CEO Mor Weizer said he was confident the firm will exceed market expectations for the year after its strongest ever quarterly performance saw Q3 revenues jump 29%.
Revenue from its sportsbook operations for the three months ended 30 September more than doubled, rising 109% year-on-year to 7.1m following a string of new deals such as the firm’s launch of an online sports betting platform for Italian newspaper Gazzetta dello Sport.
Weizer previously cited his ambition of Playtech becoming the number one sports supplier in the industry and hinted to eGaming Review at the firm’s H1 results disclosure that further deals remain in the pipeline.
But casino remained the firm’s principle source of revenue and rose by a third year-on-year to 62.4m, with the vertical continuing the strong growth recorded in the first half of the year.
Both bingo and poker recorded more modest gains of 9.5% and 3.1% to 4.6m and 3.3m respectively, while revenue from Playtech’s services division increased by 19.3% to 34m.
The firm also revealed average daily revenue for the first three weeks of Q4 was up more than 22% on the corresponding period last year and up 2% on Q3, and Weizer added he belived the firm will beat market expectations for the full year.
Cenkos Securities analyst Simon French said that in light of the results consensus will increase from 194m and Cenkos is now forecasting 2014 EBITDA of circa 202m.