iPoker Network’s Playtech Ltd up 29 Percent

Playtech Limited, the company that owns and operates the iPoker Network, followed a successful year in 2009 with a strong 1^st quarter in 2010. The company’s revenue is up 29 percent over the same period in 2009 and 13 percent over the final quarter of last year.

For the first three months of this year, Playtech earned gross revenues of €43.4 million, up from the last year’s first quarter of €33.7 million, as well as exceeding the 2009-Q4 revenue of approximately €38 million. The bulk of the increase came from the online casino operations, which grew an impressive 27 percent; the online poker side also grew, but at a modest 2 percent.

“We have had a very good start this year,” Mor Weizer, Playtech’s Chief Executive Officer, said during the Key Performance Indicators report. “Our final numbers for Q1 2010 reflect substantial revenue growth and build on the strong progress made in the last three months of 2009. Encouragingly, we have also seen continued momentum going into the traditionally slower second quarter. I believe Playtech remains well positioned to add licensees in a number of newly regulating markets and can look to the rest of 2010 with confidence.”

The iPoker Network is among the leaders in online poker; one tracking website lists it as one of the top four sites in terms of overall traffic, a position it has held for nearly all of 2010. The network includes card rooms such as Titan Poker, Bet365 Poker, William Hill Poker and others.