One of the top online gambling developers, Playtech Limited has recently announced its second-quarter earnings. We have witnessed many land-based casinos struggle through this economic depression and take a large hit as the summer heat dissuades many from participating in land-based casinos.
Until now it seemed as though the online gambling casinos for the most part unaffected by the declining economy and in fact the European market seems to continually expand. Now of the giants in online casino gambling troubling in its second quarter as it shows a 1.9% drop in gross income. Playtech recently announced that its numbers have dropped to €33.1 million.
Although these numbers came as a shock to many companies, Playtech’s parent company, Isle of Man revealed that its year on year numbers actually increased throughout this time.
Playtech does not seem to be concerned about this recent drop in online gambling numbers and is more focused on the increase from the year on year numbers. “The board is confident the company will deliver strong growth for the full-year to December of 2009 compared to 2008,” read a statement from Playtech.
The reality of the situation has led Playtech to realize that the online casino gambling industry will still be impacted by this year’s slow economy. “However, owing to the slower than anticipated start to William Hill Online and the general challenging economic environment impacting some of our licensees, the board believes that full-year trading will be below current market expectations.”
“The William Hill Online business is making encouraging progress after a slower than anticipated start to the year due to a prolonged integration period and difficult trading conditions. This will impact our expectations for the first year’s trading. However, Playtech remains confident that the William Hill Online transaction will prove to be transformational for the company and will make an important contribution to earnings in 2009 and beyond.”
