Playtech Pushes Into Asia

Online casino software development firm Playtech has announced a partnership with a mystery Asian-facing online gambling licensee. Strong positive comments from Playtech's CEO in reference to the new partnership sent Playtech stock up 4%.

The statement to the London Stock Exchange by Playtech did not reveal the identity of the mystery licensee due to "reasons of confidentiality" but Playtech revealed they would provide the operator with online software for Asian-focused casino, poker and peer-to-peer games. Playtech said the new licensee has a "strong and diversified presence in the Asia-Pacific region" and that the new contract would be "significant and material to the future of the company".

Playtech's CEO Mor Weizer believed the partnership was a coup for his company, commenting:
"This is a significant new business win for Playtech and comes after lengthy contract formalities with the Licensee. The scale of its operations and its large and diverse base of clients across Asia make it a very valuable addition to our growing portfolio. The additional tools and features that we have developed for this operator will further strengthen Playtech's market leading position in the vast Asia-Pacific market. This Licensee has deep-rooted experience and market reach and we foresee additional benefits for Playtech, particularly for our new Asia-facing games which we start rolling out over the next two quarters."

The contract will run for three years initially and Playtech believes the partnership will show a profit as early as Q2 2008.

"I have seen some estimates with which we feel confident that it [the deal] will be worth $4-5 million in revenue in 2008," Weizer added.

The new deal could see Playtech leading the online gaming charge into Asia. The Online-Casinos news website states that Singapore, Malaysia, Macau, Cambodia, South Korea, Vietnam, Laos, Japan and the Philippines all currently allow some forms of online gambling. However, online casinos and poker rooms have yet to make any serious headway into the Asian market.

Playtech powers some of the world's largest online casinos including:
Euro Grand Casino
32 Vegas Casino
Golden Palace Casino

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