Yet Another Big Acquisition for Playtech

Hot on the heels of its multi-million dollar acquisition deal with Quickspin, Playtech has decided to make yet another big investment. This time, the online casino gaming leading will be acquiring Funtactix, a casual games developer that creates titles based on popular television series and movies.

The acquisition of Funtactix is yet another strategic move by Playtech to get further involved in the casual games market. The company first started making moves in 2014 when Playtech acquired YoyoGames. Since casual gaming is becoming a hugely lucrative industry, it is wise that Playtech has aimed to strengthen its position in this sector.

“The Playtech casual games division has a clear strategy and direction and we’re very confident it will continue to go from strength-to-strength,” says Shimon Akad, COO of PlayTech. “The acquisition of Funtactix, in addition to Plamee and YoYo Games, enables us to offer a complete suite of content and software to players, designers and third parties including some of the largest studios and brands in the world.”

Funtactix will work together with Playtech in a unique partnership. Even though the company is being acquired, it will still publish and develop games under the FTX Games division. Funtactix will also continue to form partnerships with entertainment brands and property owners. So, it is likely that we will see more online slots and pokies from Playtech that are based on pop culture brands like movies, television shows, cartoons, video games and comic book characters.

This is a very exciting time for Playtech. All of these new acquisitions will really boost the company’s ability to offer up fresh and innovative new online casino games. As such, the online gaming industry is eagerly watching Playtech’s next moves to see what the company has in store.

Quickspin Acquired by Playtech in Multi-Million Deal

Playtech is one of the biggest online gaming providers in the online casino world, and it just keeps growing. This week, the company has announced its plans to purchase online slots developer QuickSpin for over $55 million.

The deal will kick off with an initial payment of almost $30 million to Quickspin, when Playtech purchases 100% of the company’s shares. The remaining payment will be based on Quickspin’s EBITDA in 2017 and 2018. Overall, the deal will be worth six times Quickspin’s income before interest, tax, depreciation and amortisation.

Quickspin is a relatively new company in the online casino market – but the firm has been growing very quickly. Over the course of the past few years, Quickspin has developed over 20 games for real-money and play-money online casinos and, in 2015, the company generated profits of over $9 million.

By teaming up with Playtech, Quickspin can look forward to even more growth as its games will be able to reach a wider audience. Playtech has over 100 online casino partners, and Quickspin will certainly benefit from being exposed to even more prestigious operators in the gaming market.

“Quickspin is a fast-growing and leading supplier of the highest quality games to the highest quality operators, strengthening Playtech’s position as the leading platform and content provider in the industry,” says Mor Weizer, CEO of Playtech. “We look forward to working with the Quickspin team and to see the Quickspin brand continue to flourish within the Playtech family”.

This is yet another great acquisition by Playtech, and the company continues to look for new partnerships with leading games developers and operators. It will be interesting to see what the next year brings for Playtech.

 

 

Lakshmi’s Gold Pulled From Online Casinos

Almost immediately after releasing Lakshmi’s Gold online slots, PlayTech received word that the Hindu community was very upset with the game. Depicting various Hindu gods, Lakshmi’s Gold was considered to be disrespectful and insulting to Hindus. Now, after just one week of controversy, PlayTech has removed the game from its online casinos.

Rajan Zed, a famous Hindu leader, was the first to speak out against the game. He stated that it was insulting to depict deities in such a way, insulting those who believe in these Gods. Zed led the campaign to have the game removed from online casinos, and has become pleased to discover that PlayTech abided by the community’s wishes.

As of today, Lakshmi’s Gold is no longer available at online casinos powered by PlayTech. However, PlayTech has yet to issue an apology to the community. It seems as though it is unlikely that the company will be doing so; if PlayTech had planned on apologizing, it likely would have done so while recalling the game. Rajan Zed states the recall is a step in the right direction, but is not happy that the company has not apologized.

PlayTech Creates New Progressive Jackpot Format

Everybody’s Progressive is a new progressive slots game from PlayTech, offering players a unique new way to win progressive jackpot prizes. This new game allows most players to take home a share of the progressive prize.

To qualify for the progressive prize, players must wager $50. If the jackpot is hit 24 hours within that period of time, all players who have wagered $50 will be able to take home a portion of the prize. The person who hit the jackpot receives 70% while the remaining players who qualify get 30%.

This game brings a new approach to progressive jackpot gaming in the online casino world. Online gamblers are always looking for something new when it comes to gaming format, and PlayTech certainly delivers.

It has been quite some time since PlayTech has released a new game, but Everybody’s Progressive is certainly worth the wait. This new game is likely to generate a great deal of attention from players across the online gaming universe.

You can find Everybody’s Progressive at a wide range of PlayTech-powered online casinos starting this month.

PlayTech Offers Discounted Shares In Order to Raise Funds

For popular online slots developer, PlayTech, expansion is the name of the game. Recently, the company has been expanding into a wide range of online gambling markets around the world but these numerous transactions have just not been enough. PlayTech hopes to raise over $150 million to fund additional joint ventures and acquisitions.

In order to raise this money, PlayTech has decided to offer 27.7 million shares at the discounted price of $3.35. Brickington Trading Company is currently considering underwriting the entire amount if all 27.7 million shares are not purchased.

While the idea sounds plausible, it has been criticized by industry analysts. According to market analyst Ivor Jones, the plan is an underhanded way of the company’s founder to increase his stake in the company.

Founder Teddy Sagi owns Brickington Trading Co, which ended up buying nearly $60 million worth of shares after additional investors bought $40 million. As a result, Sagi now has an additional 3% stake in the company. Should no investors have taken up the opportunity to buy the discounted shares, Sagi’s stake would have increased by 9%.

This new deal is expected to allow PlayTech to expand its online operations. The company is already one of the largest online gambling operators, and PlayTech could see even more business from around the world.