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Playtech’s Poker Revenue Down 18 Percent

iPoker Network Revenue Continues To Shrink

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Playtech, owner of the iPoker Network, saw its poker revenue continue to slide year-on-year with first quarter 2013 revenue down 18 percent to €4.4 million from €5.3 million a year earlier.

However there was some glimmer of light as the revenue was up nine percent on the last quarter of 2012 when it was €4.02 million.

This may have been assisted by the start of Betfair’s migration onto the iPoker network which should be completed by July 2013.

Overall however Playtech, which also offers casino, games and bingo, continued to expand with total revenue up 16 percent to €87.5 million in the first three months of the year compared to €75.2 million in the same period of 2012.

Mor Weizer, chief executive of the company, said in its interim management statement, “Playtech has made a strong start to 2013, delivering a robust quarterly performance driven by our flagship casino product, LIVE, and in particular mobile casino and Mobenga.

“Our landmark transaction with Ladbrokes, under which Playtech will provide its full product suite and marketing advisory services, clearly demonstrates Playtech’s unique position. Ladbrokes is one of the largest and most respected brands in the betting and gaming industry, and we are very excited about the prospects for this venture and are committed to making it a great success.

“With the completion of the sale of our stake in William Hill Online, we are focused on exploring strategic alternatives that will enable us to continue the growth and development of the business, and in conjunction with this process are consulting shareholders with respect to potential returns."