Playtech elicits £112m for future acquisitions

Online egaming and software solutions provider Playtech recently announced that it will float somewhere in the region of 21.6million shares at a discounted price of 520p per unit in order to raise the cash to fund a number of proposed acquisitions.

Playtech have previously proven their ability to control acquisitions and believe the recent placing will further strengthen the groups' already extremely robust financial position, which will in turn permit them to seek further openings in the eGaming market.

Playtech software solutions are at present employed by a variety of different companies providing casino and poker games via the internet, and the company has enjoyed a steady increase in its share prices since the start of 2008.  Playtech provides the platforms for ten online bingo operators, supplying 3D animated graphics, pop up bingo game schedules and much more to the likes of Ruby Bingo, Golden Palace Bingo and Bingo Fantasy sites

Last May, Playtech confirmed that its takings during April exceeded the monthly average for the initial quarter of 2008 by over 9%. The company suffered when a ban on online gambling in the US was enforced during 2006, but has since made a dramatic recovery by concentrating its efforts in other areas worldwide.

4th July 2008