Playtech’s half-year profit falls 34 percent

Business News

Playtech’s adjusted profit fell 34 per cent in the first half of 2018, weighed down by the impact of competition and tougher regulation in Asian markets.

Overall net revenue at the company, which provides online games and platforms for some of the world’s biggest gambling brands, rose 4 per cent to €436.5 million. Excluding its Asia business, revenue jumped 35 per cent.

“This progress is marked against the disappointing market conditions in Asia,” Playtech chairman Alan Jackson said. In Malaysia, where regulators are seeking to crack down on online gambling, Playtech said that activity is significantly lower than its full year 2016 run rate.

Investec analysts said Playtech’s results were in line, but significant risks remained including a ban on gaming machines in Italy where Snaitech generates about 50 percent of its overall revenue.