Wednesday, Sept. 5, 2007

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Tribeca merger boosts Playtech profits

By Erik Sylven

The acquisition of Tribeca Tables Poker Network has boosted gaming software provider Playtech's profits during the first six months of 2007. Non-U.S. poker revenue leapt to $10.5 million, compared to $2.8 million the same period last year.

The passing of the Unlawful Internet Gambling Enforcement Act (UIGEA) was a tough blow for many online gambling companies, but Playtech has managed to bounce back. Overall non-U.S. revenues are up by 80% to $44 million from $24.5 million, and the total profit is only $2.2 million away from the $46.2 million reported a year ago that included U.S. revenue.

Playtech's merging of the Tribeca and Tain poker networks with its own iPoker network was completed in March 2007, and as a result poker-specific revenues increased 275% to $10.5 million.

"This has been another highly successful first half for Playtech and we continue to enhance our position as the world's leading software solution provider to the gaming industry," said Mor Weizer, Playtech's chief executive.

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