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Shares in Playtech slumped nearly 27 per cent today after the maker of gambling software for the world’s biggest betting groups warned that its full-year revenue would be hurt by a highly competitive market in Asia.
“Given the recent decline and in the absence of any change in market dynamics, we expect a significant impact on revenue throughout the rest of the year,” the company said.
The Isle of Man-based company warned if the current run rate in Asia continued for the rest of 2018, revenue from Asia would be about 70m euros lower than its prior expectations.
Playtech Chief Executive Officer Mor Weizer added: “Clearly the recent trading performance in Asia is disappointing. We have taken steps to further support our partners in the region and we will continue to work to preserve our position in the face of an increasingly competitive environment.”