Playtech to Spend $800m. on Mobile as Chair Quits

Playtech, one of the world's two leading online gambling software companies, is preparing to spend $800 million (600 million euros) on acquisitions, as it looks to expand its mobile sports betting and bingo platforms.

Playtech Expansion

"Playtech has more than 500 million euros on its balance sheet and it has waccess to more than 100 million euros in credit facilities," Chief Executive Mor Weizer said upon announcement of a new chairman, adding that the company was in a very good position to go "to the next level."

Alongside the expansion, Playtech announced that its chairman of seven years, Roger Withers, would leave in October to be replaced by senior non-executive director Alan Jackson. This is the latest move for a company which has no debts after earning £424 million from the sale of its William Hill Online stake to William Hill.

Revenues Grow

Playtech announced a 13 percent increase in first-half earnings last Thursday, which was helped by the increasing popularity of mobile and online gambling. It said at the announcement that it was confident of meeting its bullish 12-month market expectations in 2013.

According to the company, underlying adjusted earnings before interest tax, depreciation and amortisation reached 78.9 million euros ($105m.) for the six months to June, compared to 69.8 million euros in the corresponding period the previous year. Total revenues climbed 15% to 176.8 million euros.