Playtech shares rise 11% on Scientific Games' joint venture deal in US
Playtech and New York-based Scientific Games will jointly develop and market next-generation Internet- and land-based gambling products and services to regulated gambling operators in the U.S. and elsewhere.
While Playtech said the deal would only boost 2010 earnings modestly, Daniel Stewart analyst James Hollins said it will likely drive many major contract wins in the future, notably as the US opens its online gambling market on a state or federal basis in the medium term.
The deal will combine Playtech's business-to-business Internet software and content with Scientific Games' government-compliant gambling equipment and instant tickets.
The two firms will work together via an exclusive joint venture called Sciplay to provide a complete suite of Internet games including casino and poker, as well as other services including hosting and payment processing.
"This deal sets Playtech apart as the market-leading technology provider in our [coverage] universe, with the means, scale, capabilities and likely traction to build a massive global entity with minimum upfront costs and strong potential returns," he said.
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