Online Gambling Software Provider Playtech Grows With the Times
Recently CEO of Playtech, Mor Weizer predicted increased opportunities as gambling laws were relaxed around the world. Weizer said that his company was, “well positioned to take advantage of market opportunities wherever and when they appear.”
He was confident of meeting those expectations since Playtech is one of the world's biggest providers of online gaming software.
As it has been well-positioned Playtech took the opportunity to acquire Chiswick-based gaming software outfit Geneity. Geneity specialises in the provision of online betting and gaming software to UK and global service providers. This came at the price of £11m up front. There was an additional fee of £4m if certain targets are met. The deal comes with 20 staff members and software that will supplant Playtech’s current sports betting product.
As of Tuesday Playtech has more reason to celebrate. One of Playtech’s newest joint ventures is a 50/50 partnership with Peermont, a South African land-based gaming and hospitality firm. Peermont holds seven casino licenses in South Africa and three more in Botswana. The Company’s flagship property is Emperors Palace Hotel Casino and Convention Resort, which is strategically located in the Johannesburg metropolitan area next to OR Tambo International Airport. Focussing on sports betting first, then as the country’s regulations allow, the new deal will then expand to other channels.
Another recent venture for Playtech is with Merkur Interactive, the online division of German gaming machine maker Gauselmann. The initial focus for this project will again be on sports betting, with an eye towards bigger and better offerings once Germany deals with its online gambling legislation. While Gauselmann will provide its business relationships, well-known German gaming brands and any related infrastructure necessary, Playtech will provide the technology and savvy marketing know-how. Gauselmann will hold a technical controlling interest of 50.01% but each partner will retain the same number of seats on the board.
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