Playtech recently reported that its overall results for the first half of the year were in line with expectations, despite a different mix of contributions than originally anticipated. The company experienced strong performances in its B2B online business, particularly from Caliente and Snaitech’s online business, which helped offset the impact of extended retail closures in Italy. In terms of other markets, Playtech saw stability in Asia, while making progress in its key growth markets of the US, Latin America, and Europe.
In the US, Playtech entered into a multi-state, multi-product deal with Parx Casino operator Greenwood Racing and launched in Michigan with plans for additional launches in the future. Playtech also secured a strategic agreement with Holland Casino in Europe and a global distribution deal with Scientific Games. The company remains confident in its prospects for the rest of the year and beyond, despite ongoing challenges from the Covid-19 pandemic and uncertain macroeconomic conditions.
Additionally, Playtech announced its plans to sell its Finalto financial trading division to a consortium led by Barinboim Group for up to $210m. However, Playtech minority shareholder Gopher Investments submitted a counter-offer for Finalto valued at $250m and urged shareholders to vote against Barinboim’s proposal. Subsequently, advisory body Institutional Shareholder Services (ISS) recommended voting against Barinboim’s offer in favor of Gopher’s proposal. Playtech agreed to delay its general meeting, where the Finalto bid was set to be voted on, in order to negotiate further with Gopher. Further updates on the Finalto sale process are expected to be published in the coming days.
