Online gambling operator/technology supplier Playtech is making investors queasy after warning that the coronavirus crisis could take a tough toll on its Asian and Italian market operations.

Figures released Thursday show Playtech’s 2019 revenue rising 23% to €1.5b while adjusted earnings improved 11% to €383m. But rising costs and write downs resulted in adjusted net profit falling 50% to €133.6m, profit from continuing operations tumbling 90% to just €13.8m, while the company actually booked a net loss of €19.6m once taxes and discontinued operations were included.

If that wasn’t bad enough, already skittish investors panicked after Playtech warned that the COVID-19 crisis was having an impact on its Asian grey- and black-market revenue, while Italy – where Playtech’s primary B2C brand Snai operates – has become Europe’s epicenter of viral infection over the past week. Playtech’s shares fell 11.2% by Thursday’s close.

Playtech’s B2B gambling unit saw its revenue fall 2% to €554m and earnings decline 15% to €214.8m as the company’s primary Asian markets of China and Malaysia reported revenue falling 38% year-on-year. Playtech previously flagged a “significant” increase in competition from new market entrants but says its Asian operations “remained broadly stable” through the second half of the year.