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Online Casino Soars

Soaring revenues from Playtech were the highlights of the recent third quarter reports in addition to the news that Playtech is now reporting all profits and losses in Euro now rather than the US dollar. The fact that Playtech has officially switched over to the new currency is an indication of just how far the US internet gambling issue has progressed – there is little hope that the US market will reopen to foreign online casinos anytime in the next couple of years. But for Playtech, the loss of the US market is a thing of the past and the company is firmly bringing in profits based off of the software provider’s European licensees.

The third quarter revenues came in at a whopping 67 percent increase over the third quarter results for 2007. Total revenues for the nine months that ended in September 2008 were also soaring over 2007 results and they were up more than 75 percent coming in at Euro 80.1 million. The online casino gambling industry is seeing a surge right now for the most part, despite the slowing global economy, and Playtech is one of the many companies able to really benefit from the fact that more and more companies are looking to join the online casino gambling industry with niche betting sites using the popular Playtech gaming platform.

Additional information in the Q3 report indicates that the switchover to the US dollar was pretty seamless. The online casino software development company chose to simply convert all figures over to the Euro at an exchange rate of $1.57777 US dollar to the Euro – this applied to all calculations of past earnings and previous quarterly reports.