Playtech extends partnership agreement with GVC
Sports betting and gaming group GVC Holdings has forged an agreement with an online casino and live dealer giant Playtech, covering a new long-term commercial relationship between the two companies.
Playtech and GVC have decided to continue their existing relationship and cover the provision of services in both new and existing markets.
The extended agreement between the two brands is scheduled to run until 2025 and during that period Playtech will provide its products and services to all GVC brands, including Ladbrokes Coral, PartyPoker, and bwin.
They will also work closely on integrating Playtech’s products and services on GVC platform so that they become available on its US-facing ROAR Digital joint with MGM Resorts. The new deal will also extend the agreement for Playtech BGT Sports to supply Ladbrokes Coral with software for its self-service betting terminals throughout Great Britain, the Republic of Ireland and Belgium.
GVC is pleased that their numerous brands will for the first time offer “proven” content and services from one of the world’s leading suppliers Playtech.
“Even more of our customers will now be able to enjoy content from one of the world’s leading suppliers of high-quality gaming product,” GVC CEO, Kenneth Alexander, said.“At the same time, the added flexibility around the migration of technology platforms enables us to accelerate the integration of Ladbrokes Coral.”
This content deal will add more flexibility migrating Ladbrokes Coral to the GVC’s in-house technology platform.
“Any acceleration of synergy phasing from previous guidance is primarily dependent on the timing of the migration of the Ladbrokes Coral technology platform, which will be determined in due course,” Alexander added.
Playtech CEO, MorWeizer, added: “We are pleased to have reached a new agreement with GVC, which expands on the successful partnership we have established with Ladbrokes Coral over the last six years. This is a testament to the strength of the Playtech proposition and we look forward to supporting GVC over the coming years.”
Playtech’s Mixed Results for 2018
Last week Playtech released its numbers for the previous year and, although the company struggled, they reported a 54% increase in revenue year-on-year to €1.24billion.
Playtech’s B2B division reported revenue down 14% to €566 but total B2C revenue grew to €593.2 million, making it the largest single division of the business, with revenue up 744% comparing to 2017.
The acquisition of Snaitech contributed to such high revenue growth in B2C division while on the other hand, B2B suffered from the regulatory changes in the Asian market.
Playtech has started 2019 strong with revenue up 7%. The company applied for a license in New Jersey and considers several strategic partnerships across the US. The deal with GVC is just the first in a row.