‘Disappointing’ Asian markets cause fall in profits for Playtech

Online gaming software supplier Playtech reported revenue of €436.5 million ($506.3 million) for the first half of 2018, up 4% from the same period last year.

In a filing, the London-listed company noted that its total revenue from January to June, excluding Asia, went up 35%, compared to last year’s first half. Just last June, the company’s stock plummeted in relation to its gray- and black-market operations in Asia, due to crackdowns on illegal gambling.

Playtech Chairman Alan Jackson said in a statement, “This progress is marked against the disappointing market conditions in Asia. However, it should be noted the headwinds in the Asian market are not reflective of the core strength of the Playtech model as the regulated segment continues to report organic growth and encouraging momentum.”

Jackson is reportedly to be replaced by Ian Penrose, who will join as a non-executive director to the company’s board.