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Overcoming the Losses

Playtech’s early 2007 quarter result reports were far from on target – but through no fault of the online casinos software development company. Playtech, like many companies involved in some sector of the internet gambling industry was negatively affected by the United States ban on internet gambling. Though the U.S. did not criminalize the activity for U.S. players, most online casinos companies quickly retreated from the U.S. market because on the ban on financial transactions with internet gambling companies. Then add to that the fact that the U.S. Department of Justice was terribly concerned with tracking down those internet gambling companies in violation of the ban and then prosecuting the companies.

As for the particular online casinos companies, Playtech has announced that after a rough start to the year because of the company’s withdrawal from the U.S. market, the end of the year has proven very profitable – in fact a record breaking year. At the beginning of 2007, the company was reporting a nearly 5 percent drop in revenue. And though the revenue was only at $44 million, that was certainly enough to keep Playtech afloat in the troublesome online casinos industry.

Playtech, though, has recovered nicely from the report from the first six months of 2007, and anticipates that the full 2007 year-end report will show pretax profits in the range of $69 million. That puts the online casinos software developer right back up to where it was prior to the U.S. withdrawal and with a strong foundation in new and emerging markets.