Playtech Praises Bet365’s Successful US Debut, Projects Strong Returns by the End of the Year
Reputed iGaming and sports betting software provider Playtech enjoyed a warm welcome in the US market by successfully debuting Bet365. According to the latest projections, the Isle of Man-based firm will likely surpass all previous expectations by the end of the year.
The US sports betting market is currently witnessing a major boom thanks to the historic Supreme Court ruling against PASPA in 2018. Playtech recently launched Bet365 and Entain, formerly GVC Holdings, in New Jersey. According to initial estimates, the company could report approximately $365 million before tax, depreciation, interest, and amortization.
Playtech’s share prices were up soon after the news went public, and the firm was valued at $1.9 billion. Apart from praising Bet365 for a successful US launch, the company revealed that discussions over a potential sale of Finalto, an online gaming and financial services provider previously known as TradeTech, is underway. Playtech hired investment bankers from UBS back in August 2020 to evaluate a potential sale.
Playtech Announces Corporate Social Responsibility
Playtech launched Sustainable Success in 2020, using which it plans to consolidate its position as a market leader in data analytics, player engagement solutions, and safer products. The firm announced its intentions of supporting its partners and licensees as part of pre-COVID commitments. And this initiative helped drive a robust financial performance in the last year.
Furthermore, Playtech earned all regulatory clearances required to launch Bet365 in Michigan back in December 2020. The firm is also going strong in the Latin American market, riding a strong growth wave on the back of long-term partner Caliente. Apart from launching Wplay in Colombia, Playtech has successfully penetrated Panama, Costa Rica, and Guatemala.
US Casino Giants Eye UK Gambling Operators
Just a few days back, The Investor Forum had to intervene and force Playtech to appoint a new Chairperson after the Isle of Man-based firm failed to find a replacement for Alan Jackson for the better part of last year. With the COVID-19 pandemic raging through the summer of 2020, the search for a permanent Chairperson was temporarily suspended, and Claire Milne was appointed as an interim.
Meanwhile, Bet365 capitalized on the opportunities presented in the UK and occupied nearly 25% of the sports betting market. According to current reports, over $88 billion in wagers are placed with Bet365 every year. A few US gambling giants have taken note of the developments and expressed their desires to acquire British firms. Such mergers could help meet future targets while boosting knowledge and expertise in sports betting and online gambling.
While BetMGM expressed their desire to acquire Entain, William Hill has already signed a partnership with Caesars Entertainment Group. At the same time, local gambling giant Flutter Entertainment has struck a deal with Fox Corporation and FanDuel.