Scientific Games and Playtech restructure Internet-focused relationship

This restructured arrangement seeks to replicate the successful strategic relationship that Scientific Games' Global Draw subsidiary and Playtech have in place for use of Playtech's Videobet technology for server-based gaming machines. Scientific Games and Playtech expect to continue their close working relationship going forward, focusing on opportunities where partnering is believed to have the greatest potential benefit for both companies.
The parties anticipate entering into additional documentation in the coming weeks to further detail certain aspects of the arrangement.  The arrangement effectively replaces the Sciplay joint venture as the vehicle through which the parties may collaborate on internet gaming projects. The Sciplay-related entities will become wholly owned subsidiaries of Scientific Games.

"We believe that our restructured arrangement with Playtech preserves the business and strategic rationale of the Sciplay joint venture and even expands its scope – to be able to offer a powerful combination of Scientific Games' proven ability to provide comprehensive solutions to lotteries and other operators and Playtech's leading internet gaming technology," stated Rick Weil, CEO of Sciplay.  "At the same time, the arrangement affords both parties greater flexibility in the provision of internet gaming solutions, given the evolving and highly dynamic internet gaming space."

Mor Weizer, CEO of Playtech, commented, "This is a sensible reflection of the changing nature of the opportunities and the expansion of the potential scope of our relationship.  The flexibility this affords both parties will also ensure we can both work in the most effective way. We will look to work together as we both recognize that a number of key opportunities are outside the initial arrangement. It should also be noted that the formal joint venture structure had certain limitations and accounting complexities which we will no longer experience."