Playtech snaps up Geneity

Online gambling software giant Playtech announced the acquisition of UK based e-gaming firm Geneity for an initial cash consideration of £11m.

The group also announced it has signed joint ventures with South African gaming firm Peermont and German gaming group Merkur-Gauselmann as it beefs up its international presence.

In the same statement Playtech said it is comfortable with market expectations for the year ended 31 December 2011 after a robust fourth quarter.

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Playtech said growth from its existing business has created a solid platform for 2012.

Gross income rose to €78.4m for the three months ending 31 December 2011 from €43.9m in the same quarter a year earlier. Total revenues rose 89% to €69.6m.

Casino revenues rose 13% to €32.8m from the same quarter the year before while poker revenues fell 2% to €5.5m. Bingo revenues increased 9% to €4.1m while services revenues beefed up 18% to €23.1m. Videobet rose 22% to €2.7m.

"Playtech is well positioned to take advantage of market opportunities wherever as and when they appear. It is clear that there is continuing momentum towards regulated gaming in Europe, with Denmark recently launched in regulated form, and both Spain and Belgium due to regulate this year," chief executive Mor Weizerthe explained in a company statement.

Commenting on US betting regulation, the group added, "The US Department of Justice's pre-Christmas guidance has provided further encouragement for those looking to achieve regulation in the US. Playtech is preparing itself for each and every market to help its customers and partners make the most of the changing regulatory landscape and invest into those to certify its products."

Playtech, founded by billionaire Israeli Teddy Sagi, said its joint ventures are progressing well and it looks confidently to the year ahead.