TMCnet News
Online gaming co Playtech buys sports betting firm: Playtech finds that sports betting "has important growth potential for the company".Mar 22, 2009 (Globes - McClatchy-Tribune Information Services via COMTEX) -- Online gaming software developer Playtech Cyprus Ltd. (AIM:PTEC) disclosed in its financial report for 2008, published on Thursday, that it has acquired the assets of sports betting company Player2Players Ltd. Player2Players is a subsidiary of Cypriot-registered RIG Ltd. Many online gaming companies are registered in Cyprus. Player2Players, founded five years ago, has an R&D center in Tel Aviv. The company's senior software engineers are Yuval Mesika and Hagar Turgeman, both of whom served in the IDF Center of Computing and Technology Information (Mamram). The acquisition adds sports betting to Playtech's casino and poker products. Playtech will merge Player2Players' programs into its own platform. The company noted, "Sports betting has important growth potential for the company." Playtech posted ae111.5 million revenue in 2008, 70 percent more than the ae65.7 million revenue in 2007. Adjusted net profit rose 79 percent to ae78.6 million in 2008 from ae43.9 million in 2007. The company said that it switched to reporting in euros because the bulk of its business is now conducted in that currency. Playtech's share rose 4.2 percent on Friday to aen4.25, giving a market cap of aen1.01 billion. The share rose 13 percent last week, and is up 34 percent since the beginning of the year. Teddy Sagi owns 41.2 percent of the company. To see more of the Globes or to subscribe to the newspaper, go to http://www.globes-online.com. Copyright (c) 2009, Globes, Tel Aviv, Israel Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |