Tue, Feb 26, 12:52pm by Staff Writer
One of the industry leaders in gambling and financial trading has agreed to an extension with the UK’s leading bingo platform.
Playtech and News UK have recently announced a multi-year extension that will see Playtech continue to operate Sun Bingo, one of the UK’s largest and most popular bingo sites.
The existing collaboration with News UK and Playtech was established in 2015 and has been expanded to include new product verticals and can be extended for a period of up to 15 years.
The expansion will be an important aspect of Sun Bingo’s offering, delivering both greater value to Playtech and News UK over the long term.
The chief executive officer of Playtech Mor Weizer said: “This is a significant extension and expansion to our collaboration with Sun Bingo, which focuses on offering a first-class service to customers while improving value to both Playtech and News UK over the long term. We’re looking forward to continuing our strong relationship.
“Today’s announcement completely aligns with our strategy to use our technology, data and expertise to power the world’s leading betting and gaming brands in regulated markets.”
The chief operating officer of News UK David Dinsmore added: “Sun Bingo is one of a raft of major brand extension we see driving valuable engagement and revenue growth over the long term.
“The last 12 months have shown a significant hike in registrations and revenues, and this extended collaboration with Playtech will allow us to build on that momentum in the years ahead.”
Playtech secures multi-year extension with Sun Bingo | Playtech and News UK have agreed a long-term extension to its existing contract for the Sun Bingo platform. The existing relationship has been expanded for a period of up to…
Source: Playtech… https://t.co/fnYndWbyxs
— Reviewed-Casinos.com (@reviewedcasinos) February 23, 2019
It’s been a busy week for Playtech who reported a 54 per cent in revenue in the 12 months to December 31.
In a report published on February 21, the software supplier announced that it expects profits to increase by 21 per cent this year after a strong set of results in 2018.
Basing this year’s projects on 2018’s performance, Playtech bosses believe earnings can top £300 million, according to Online Casino.
The company’s optimism is fueled by a series of new casino and betting partners in the UK, Europe and Latin America.
When analysing Playtech’s report, their takeover of Snaitech boosted its bottom line, with the Italian firm contributing £444 million to Playtech’s £1.04 billion overall earnings.
Removing this contribution, Playtech’s business to business division saw revenue fall by 14 per cent.
Regardless, Mor Weizer said the focus on regulated markets, notably in the UK, has put pressure on the business.
“We’ve had accelerated growth of more than 25 per cent in regulated markets outside of the UK, given the fact that UK is coming under a little bit of pressure,” Weizer told Gambling Insider.
Online operators are facing new pressures in the UK, with cuts to fixed odds betting terminals and higher taxes for online operators.
Tougher operating conditions in the UK, coupled with lower than expected revenue in Asia, as well as a £25 million fine has meant that Playtech has endured its fair share of issues recently.
An innovative anti-fraud technology recently launched will assure the company remains a leading name in the sector, after high profile brands recently fell victim to fraud schemes.
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