Falling income across Asia and glitches with its bingo account prompt 20% fall in shares for Playtech.
hares in Playtech, the company behind the software powering thousands of fixed-odds betting terminals and Sun Bingo, have fallen 20% after it issued a profit warning.
The company said it expects to miss profit forecasts, blaming problems including a setback with its contract to provide software for Sun Bingo, a gambling website owned by Rupert Murdoch’s News UK.
The firm blamed technical problems moving the website on to its own software platform, after winning the contract to run the newspaper’s bingo business in 2015.
It also blamed “lengthier seasonality”, which it defined as suffering quieter periods due to the weather.
Although Playtech makes FOBT softwares, it did not comment on the recent government review, which concluded that the maximum stake should be reduced from £100, potentially to as low as £2. Clients include William Hill, which is also likely to suffer a drop in revenues if FOBT stakes are slashed.