Playtech Forges New Partnerships
Playtech not only announced its latest financial figures for Q4 and for 2011, it also mentioned that it forged new partnerships.
Germany is the first market Playtech ventured into recently. The software giant entered into a 49.99% joint venture with Gauselmann, a land-based casino and owner of the Merkur gaming brand. Sports betting, gaming products and services will be offered by this joint venture, however, this depends on the current state of internet gambling legislation in Germany.
Internet gambling might be legalized in South Africa and has been discussed extensively by its government. Playtech recently entered into a 50:50 partnership with a casino and resort operator named Peermont. Peermont owns 14 properties, of which are Emperors Palace Resort in Johannesburg, seven other casino resorts and two casinos.
Playtech To Strengthen Its Position
Revenue gained from its gaming operations in 2010 was in the vicinity of €260 million. This joint venture will focus mainly on sports betting. New legislation will decide whether or not broad-based gaming will be implemented. In this partnership Playtech will be responsible for the internet gambling software and player management systems.
Apart from its new joint ventures, Playtech announced that it might purchase UK based sports book developer Geneity for £11 million. An additional £4 million in cash will be payable subject to certain conditions agreed by Geniety. Geneity was established in 2006, its clientele include Gala Coral, Betfair and Ladbrokes. Playtech’s present product will be replaced by Geneity’s sports book. Playtech aims to incorporate Geneity products with its Mobenga mobile sports book platform.
Playtech’s latest press release also laid to rest current rumors that have been circulating with its Scientific Games joint venture. Playtech said it’s busy revamping the joint venture to a more feasable supplier relationship. The software giant said this joint venture affords greater flexibility for both parties and will boost revenue. Playtech also said that its integration with Ash Gaming is still on track. By mid 2012 Gala Coral’s migration project will be completed and Playtech is on the verge of issuing new internet casino licensees in the Spanish and Danish markets.
Playtech’s gross income revenue for the last 12 months ending December 31, 2011, increased by 41% to €243.6 million. Chief executive of Playtech, Mor Weizer said, “Growth from our existing business has created a solid platform for 2012.
Taken together with today’s other announcements, I believe Playtech is well positioned to take advantage of market opportunities wherever as and when they appear.” He referred to the US Department of Justice’s pre-Christmas guidance as well and said the Playtech is bracing itself to enter the U.S market again.[addtoany]