Playtech has released strong first half numbers boosted by changes in regulation across Europe. In addition, revenues from its joint ventures with William Hill were up significantly. The company has also confirmed that it will provide a complementary flash based casino product to Betfair, which is expected to go live over the next few days.

Gross income for the half year ending 30th June 2010 increased to €87.9m up 31% from €66.9m for the same period last year. Total revenues were up from €56.7m to €72.9m (+29%). Adjusted EDITDA increased 20% from €45.3m to €54.2m. Cash from operating activities and sums received from William Hill was up from €37.4m in 2009 to €60.8m.

In October 2008 Playtech agreed a five year deal with William Hill to provide its Casino and Poker platforms.

Playtech has stated that partnerships with Scientific Games and Sportech, announced earlier this year will position the company to exploit new opportunities in Europe and the US. The first half launch of Italian bingo, Olympic Casino and the French poker networks had increased its presence in the “key new regulated markets”.

Playtech non-executive chairman, Roger Withers suggested the new regulations in France would impact revenues “as anticipated” but would be offset by “a strong pipeline of new licensees”.

“We have a substantial list of new revenue streams and have more in the pipeline. These will do much to offset the impact of revenues lost as France closed its doors to online casinos. While it will take some time before our French poker business returns to historic levels, our growth trajectory remains very much intact,” he stated.

The acquisition of Virtue Fusion in February has helped Playtech become the leading B2B bingo network provider, and provides the company with numerous opportunities in the UK and abroad.

Playtech’s principal product, casino, “continued to perform strongly” in the first half of the year, according to chief executive Mor Weizer. Poker had not been as strong and had “fallen back in line with the rest of the market in the second quarter”, which was impacted by the World Cup. “I believe that Playtech’s poker network strategy has helped to mitigate the impact of the decline in the poker market, where the unlevel playing field remains keenly felt,” Weizer added. The Virtue Fusion acquisition had “exceeded” expectations. Bingo revenues in the period (part period for the contribution from Virtue Fusion) stood at €4.5m, up from €0.1m in the same period last year.

“Today’s announcement of the launch of Betfair’s web-based casino with Playtech at the beginning of September is another very positive step, as this is their principal format. It reflects a shifting market focus towards one where a complementary web-based offering is equally important to the traditional high definition download product, particularly for attracting new players to try out games for the first time,” commented Weizer.

The company confirmed the search for a new chief financial officer was at an “advanced stage”.