Playtech Boomed at End of 2011

The internet gambling industry was booming at the end of last year, if the fourth quarter financial results of Playtech, one of the world's two largest online gambling software companies, are any indication.

Q4 Surge

Playtech released its fourth quarter results to the public Tuesday, and they showed that its revenues reached 69.6 million euros, almost doubled in comparison the same period one year earlier. This was largely due to a massive increase in casino revenues, as well as income from services.

William Hill Online, the joint venture run by Playtech and British bookmaker William Hill, was also booming, with Playtech's share of the company's profits increasing to 8.8 million euros in the last quarter of 2011, up more than 25% from the same period the previous year.

The strong finish had Playtech CEO Mor Weizer predicting that 2012 would be a big year for the software developer too.

Holding Talks for US Market

In further big news, Playtech said Tuesday that it is holding talks with several potential American partners, as it prepares for the possibility that the world's biggest economy will soon be opened up to offshore gambling operators. Weizer told Reuters that lots of potential customers have approached Playtech, and that it wants to be ready when the market opens up.

The United States Department of Justice ruled late last year that while cross-state betting on sporting contests is illegal, other forms of internet gambling such as poker and casino games are not. This opens up the possibility for states to allow online gambling operations.