This week, Playtech, a provider of software for online poker, casino games, Bingo, and live odds for sports books, announced that it had acquired MIXTV. The company allows Playtech to develop competence in “end-to-end technology for the delivery of mass-multi-player live gaming applications via linear broadcast television and interactive live TV shows, on analogue, digital, terrestrial, cable, satellite TV networks, and web broadband TV.”
In addition, a press release distributed by Playtech notes that acquiring MIXTV will enable the organization “to expand the range of platforms it offers to its current licensees and for attracting new operators.” Playtech was formed in 1999. Its initial clients in the online casino world included Club Dice Casino, Swiss Casino, City Club Casino, and Brandy Casino. In 2002, Playtech’s software was used for Tropez Casino, Gold Gate Casino, Black Widow Casino, Grand Banks Casino, Vegas Casino Online, and New Zealand’s own Kiwi Casino.
Its poker product was launched in 2004 on the iPoker Network, which is home to several extremely popular online poker sites: Betfred, Chili Poker, CD Poker, Noble Poker, Titan Poker, VC Poker, and Kiwi Poker, just to name a few. Playtech’s poker software comes equipped with “Support for multi-currencies and multi-languages, an exclusive full-screen viewing mode, multi-table gameplay, as well as optional embedded side games like Blackjack, Video Poker and Progressive Bonus Stage Slots.”
Playtech’s stock closed up ₤4.00 on Friday to land at ₤524.00. It’s near the top end of its 52-week range, which is ₤308.00 to ₤558.00. Last month, Playtech announced that its second quarter revenue was $42.4 million, up 75% over the same period during 2007 and up 9% from the first quarter of 2008. Casino revenues totaled $30.8 million during the second quarter of this year; poker revenue amounted to $11 million. Both were up massively over 2007.
Playtech’s total revenue during the first half of 2008 was $81.4 million, a jump of 85% over first half of 2007. Casino revenues were up 78% year over year to $58 million. Poker revenue was up 109% to $22 million during the first half of this year. The company inked ten new software deals during the first half of 2008, “including well-established operators such as Betsson, one of the largest publicly traded online gambling operators to the European market, Vista Global Limited, the group behind the celebrity endorsed Hollywood Poker brand and Genting Stanley Alderney, a subsidiary of Genting International, the leading international gaming company.”
Playtech has also been hard at work developing a flash poker product, which it’s expected to debut during the third quarter. All told, Playtech executives noted that the dramatic growth in revenue “was a significant achievement considering the Euro 2008 football competition and warm weather.” As has been seen with companies such as CryptoLogic, the Euro 2008 football competition put a huge damper on online gambling revenue during the month of June as customers were preoccupied with football and less concerned about battling it out on the virtual felts.
Mor Weizer, Chief Executive Officer of Playtech, stated to sum up the MIXTV purchase, “As the leading software provider to the online gaming industry, the acquisition of MIXTV mass-multiplayer live gaming solutions enables us to further extend our products portfolio, making our products available on all forms of interactive media. We are excited about the potential this presents for further enriching our range of platforms and the new cross selling opportunities the live gaming products create for our existing and potential new licensees. We are looking to continue realizing our vision of enriching our products offering through new best in class innovative products.”