Buoyant Playtech amasses $300m war chest

3 September 2008
LONDON, England -- As reported by The Financial Times: "Playtech, the gambling software developer, said it had built up a war chest of more than $300m (£168m) to spend on acquisitions as it announced a 45 per cent rise in half-year pre-tax profit.

"The company, whose clients include PartyGaming and Paddy Power, said it expected new markets to open up in Europe as gambling regulations eased. It was lining up acquisitions that would allow the company to take advantage of those opportunities.

"...For the six months to the end of June, revenue rose more than 85 per cent to $81m, after it sold more online games and won new licensing agreements.

"Playtech sells a number of different gaming software products, including online casino, poker and bingo, to companies such as Party Gaming, and takes a typical cut on every transaction of 15 to 20 per cent from operators..."