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Mor Weizer, CEO of Playtech since 2007, says he is "frustrated" with listed firms that have seen a boom in their revenues and share price as a result of their decision to operate in so-called "black" or "grey" gambling markets.
“Other suppliers are very significant in grey markets or black markets,” he told the Standard this week. “It is less helpful when they operate in black markets and use that money to penetrate regulated markets. We know some that operate in sanctioned markets, countries on the US sanctions list.”
“It is frustrating to see people compare us to public companies that are growing very quickly. But they are growing in unregulated markets and shrinking in regulated markets. We are growing in regulated markets.”
Weizer would not name names but noted how suppliers continue to see declining revenues in regulated markets and feel compelled to operate in black markets as a result.
People who live in glass houses shouldn't throw stones though as Playtech is known to operate in some grey markets such as countries in Latin America and Asia that do not explicitly legalize online gambling nor outlaw the activity.
Following the publication of this story, we were tipped off that Playtech owns PokerStrategy.com, which - drum roll please - features advertisers that are considered to operate in black and grey markets.
Weizer insisted his firm is focusing more on the regulated markets where he claims Playtech revenues are growing in the double digits.
Playtech’s revenue was up 8% to €860 million in the first half of the year, while profit grew by 10% to €220 million. UK revenue declined by 2%.
- Aaron Goldstein, Gambling911.com
