Gaming company revenues double

Gambling software developer Playtech has more than doubled its revenues to $32.7 million (£16.8 million) for the fourth quarter of 2007 on strong poker sales.

The company added that it is highly confident of continuing its strong performance into 2008.

Casino revenues increased 72 per cent to $22.9 million (£11.7 million) while poker revenues rose by 265 per cent to $9.4 million (£4.8 million).

Playtech said in a statement: "The fourth quarter exceeded management expectations."

Founded in 1999, Playtech develops unified software platforms for the online gambling industry.

The company's revenues exclude contributions from the US, where Playtech's licensees withdrew over a year ago, after the government effectively banned online gambling.

The UK-based firm said it has built up its business in Asia and Europe over the year.

Revenues from Asian licensees during the period grew by 20 per cent from the third quarter of 2007 and revenues from European licensees grew by 23 per cent.

Shares in the company dropped three per cent in morning trading to £3.83.