The governance of Playtech Plc has stated that it will continue to ‘explore further M&A opportunities’ to advance the FTSE firm’s regulated market growth strategy.
Ahead of today’s corporate Annual General Meeting (AGM), Playtech governance details to its investors that it is making progress on both its ‘organic and M&A’ disciplines.
During Q1 2018, Playtech Plc completed the acquisition of leading Italian gambling operator SNAITECH for €850 million, securing the firm’s ‘first vertically integrated gambling operator’ for the burgeoning Italian gambling market.
Playtech’s M&A growth is further supported by the firm’s expanding commercial pipeline, which maintains its market-leading record of securing ‘tier1’ gambling clients. During the Q1 trading period, Playtech would secure new sports betting and casino supplier contracts with SAS Portugal and Poland’s Totalizator Sportowy.
As previously detailed, Playtech governance is revising its Asian market B2B operations, which have been hindered by a general slowdown in Asia betting territories.
“In the B2B Gaming division, excluding Asia, the average daily revenues year to date have improved against the same period last year and versus the trends reported at the time of the full year results in February.
“As previously indicated, daily average revenues in Playtech’s B2B Gaming division in Asia are lower than in the same period last year due to both strong comparatives and an increasingly competitive backdrop. Management is taking steps to protect its position in the region and drive revenues.
“The B2C Gaming Division is performing in line with expectations with the Sun Bingo contract continuing to see some revenue improvement.