Playtech PLC said on Friday that it has rolled out Live Casino facilities in Michigan and New Jersey. The simultaneous launch comes after the Isle of Man-based company received its approvals from both the Michigan Gaming Control Board and the New Jersey Division of Gaming Enforcement.
The dual launch represents Playtech’s first foray in the United States iGaming market. Playtech is considered as the largest live studio gaming operator in Europe and Asia. It comes less than one week after Elys Game Technology reached an agreement with Playtech to have the latter offer its iGaming products in Italy under the Newgioco brand.
Playtech’s dual roll out was done in collaboration with Parx Interactive in Michigan and Bet365 in New Jersey.
In the Wolverine State, Playtech’s partnership with Parx is under the “Play Gun Lake” brand as Parx is the gaming partner of the Gun Lake Band of Pottawatomi Indians. The games originate from a Southfield, Michigan Studio just outside of Detroit.
Meanwhile, Playtech is the provider of live casino games for longtime partner Bet365 in New Jersey. Bet365 operates as one of the skins for the Hard Rock Hotel and Casino. The studio for the Garden State games is located in Atlantic City.
Landmark Moment for Playtech’s Expansion in the United States
According to Playtech Live Casino CEO Edo Haitin, the concurrent rollout is a landmark moment for the company’s expansion in the United States, as it is something that even Playtech had never done before. Haitin added that Playtech’s vision and drive for growth has been well-received by the local communities.
The CEO also added that he believes that his company will be attractive to U.S. users because of its ability to develop specialized gameplay experiences tailor-made for American bettors. Playtech said it will offer its Quantum Roulette Arcade in both states, modifying the game for the U.S. market. Meanwhile, Playtech said it will offer its “All Bets Blackjack” in Michigan. The game’s scalable platform will allow an unlimited number of players to play in the same game.
Although sports betting has taken off in the United States, iGaming has not been as popular and isn’t available in as many states as sports wagering. Besides Michigan and New Jersey, the only other states to offer legalized online casinos are Connecticut, Delaware, Pennsylvania, and West Virginia.
Australian slot machine maker Aristocrat Leisure Ltd. has struck a deal to buy U.K. gambling software developer Playtech PLC for $3.7 billion in a transaction that will create one of the biggest business-to-business platform providers in the global gaming industry.
The deal, which was agreed upon on Sunday, will be finalized if the two parties will agree to the further terms and conditions of the deal. Once resolved, Aristocrat’s wholly-owned subsidiary Bidco will be the acquiring party.
In a statement, Aristocrat CEO Trevor Croke said:
“The combined group would offer a broad portfolio of end-to-end solutions for gaming customers around the world, as well as seamless player experiences, underpinned by a shared focus on responsible gameplay and innovation.”
Aristocrat offered to buy Playtech’s ordinary shares at $9.35 per share which is a 58% premium of its October 15th closing price. At that price, the total issued common shares of Playtech would have a fully diluted value of around £2.1 billion or £2.7 billion using the enterprise value basis.
To fund the deal, Aristocrat will raise AUD $1.3 billion or $961 million dollars in a share sale. The company will be offering the shares at an 8.6% discount from its closing price last Friday. Aristocrat says it has received letters of intent and irrevocable undertakings supporting the deal from investors representing 20.7% of Playtech’s outstanding shares, including its biggest shareholder.
Playtech’s Aggressive Expansion
The deal comes at a time when Playtech was aggressively expanding in the United States and Latin America. According to Playtech CEO Mor Weizer, the sale has the potential to enhance their company’s distribution and their capacity to build new and deeper relationships with partners to boost their technological capabilities.
Meanwhile, Playtech also announced that it has entered into a definitive agreement with Hong Kong-based Gopher Investments to sell its financial trading division Finalto in a cash deal worth $250 million.
Online gambling aficionados in New Jersey can now enjoy Playtech’s casino content. This development came after the British online casino games developer signed a long-term deal with Bet365 last Thursday to make its portfolio available to customers in the Garden State.
Significant Moment For Playtech
Playtech’s partnership with Bet365 is its first major step in United States territory, and it plans to partner with other suppliers in the coming months. The launch comes after just over a month after it secured the necessary regulatory approvals from the New Jersey Division of Gaming Enforcement (NJDGE). It can be recalled that it was only last June when Playtech got the go signal to offer its casino games via Bet365.
Said Playtech chief operating officer Shimon Akad:
“This is a significant moment for Playtech and our development in the US. Launching Playtech’s software in the US is a landmark, and we are very pleased to be taking this step with one of our most trusted partners in bet365.“
Bet365 is another British online gambling company. It has its own distinctive content but will be the first to launch the Playtech content. Bet365 entered the U.S. market in 2019 and has since been offering its sportsbook and online casino services to customers in New Jersey in a partnership with Hard Rock Atlantic City.
Exciting Times Ahead
During a press release held last week Playtech said that the launch will see the locally licensed Bet365 go live with a large selection of its games such as the top-rated five reel Frankie Dettori’s Magic Seven, White King, and Great Blue. Akad added that more titles and content are going to be added to the portfolio very soon:
“With more titles and content launching in the coming weeks and months, there are exciting times ahead. This launch also serves as a prime example of our commitment to partnering with leading operators to bring leading software services and great content to new and growing markets.”
Founded in 1999, Playtech is the industry’s technology leader in gambling software, services, content, and platform technology across the industry’s most popular markets. It is listed in the London Stock Exchange and is also the pioneer of omni-channel gambling technology via Playtech ONE.