Playtech Profits Vindicate William Hill Deal

In the midst of a progressive jackpot payout controversy, online casino software giant Playtech have had a little ray of sunshine this week with positive profit results that highlighted the value of a deal done earlier in the year with William Hill.

Despite flat earnings from licensee casinos, Playtech managed a year-on-year first quarter increase in gross income of 46% to €36m (£32m). The bulk of increased revenues and profits came from Playtech's newly acquired interest in William Hill Online. The William Hill Online stake contributed an additional €7.8m in profits to Playtech's bottom line.

Earlier in the year Playtech acquired a 29% stake in William Hill Online in exchange for a number of its directly owned casino properties being transferred to William Hill.

With news circulating regarding a certain Playtech licensee casino
failing to pay $2 million of a progressive jackpot won by a player this year, some players, particularly Sylvia P from Canada will be thinking the result should be about $2million less than posted.