Online gambling technology firm Playtech says most of its H1 2015 revenue growth came from regulated markets, but grey and black markets continue to provide the bulk of the company’s cash flow.

Playtech says revenue in the six months ending June 30 rose 33% to €286m, while adjusted earnings rose 16% to €113m and net profit rose 11% to €84m. Revenue in the first two months of H2 is up 15% year-on-year despite Q3 2014 having enjoyed a boost from the FIFA World Cup.

Playtech claims 40% of its gaming division’s H1 revenue came from regulated markets, up from 35% in the same period last year, and 80% of H1 incremental growth – at constant currency levels – came via these regulated markets.

But Playtech still earns the bulk of its revenue from its licensees in grey- and black-markets. The company only breaks out its geographical split in its annual reports, which in 2014 showed the Philippines-licensed, blacker-than-black Asian-facing business rising 240% to 29% of gaming revenue, while the Antigua-licensed business – which presumably includes many US-facing operators – accounted for over 13% of gaming revenue.