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Jan
27th

Internet Bingo Drives Playtech’s Q4 Profits Higher

Recent industry reports indicate that internet bingo is the driving force behind recent growth in the internet gaming industry. In Europe and the UK internet bingo games have continued to grow and game developers and software providers are being kept busy by the internet bingo sector. One of the largest gaming software providers, Playtech, just released its fourth quarter financial report. Playtech is one of the largest publicly traded online gaming software suppliers providing full service turnkey solutions for the gaming industry. Playtech’s 4th quarter reported gross revenue up 21% with income up an astounding 14%. The report said that gross income was up 44 million Euros ($60,386,921.47 USD) for the quarter. Most in the online gaming had expected increased profits because of the massive influx of players during the severe winter storms at the end of 2010.

The report showed a significant increase in revenue from internet bingo operations and online casinos. The positive figures pushed Playtech shares higher and compared to last year Playtech shares are trading at a volume of 10% higher. Playtech CEO. Mor Weizer said that “he and the company’s board of directors are “comfortable with expectations” for the past year and that Playtech “looks forward to 2011 with confidence.” During the recession many analysts said that gaming stocks were a solid investment and Playtech’s figures would tend to confirm this view.

Other gaming software providers have also had a good year. Many had predicted that 2010 would be a tricky year for the online gaming industry and are predicting the same for 2011 but the online gaming industry along with the internet bingo industry continues to grow. In late January Playtech announced the launch of another internet bingo site targeting the Scandinavian market. Nordic Gaming is planning to add internet bingo to its already well established sportsbook, poker, casino and games operations using Playtech’s Virtue Fusion gaming platform. Virtue Fusion, which is owned by Playtech is one of the world’s leading developer of internet bingo products.

Industry observers predict an interesting year for internet bingo providers. In the UK internet bingo operators have embarked on a massive marketing campaign and have already spent millions of pounds. Most expect 75 and 90 ball bingo to continue to dominate the market despite the rising popularity of 30 and 80 ball bingo. The use of Facebook and other social media websites will increase in 2011and mobile bingo will drive a lot of industry growth. It looks like internet bingo companies will continue to be a good investment in 2011,