Playtech and Paysafe already have a strong alliance to offer digital payments in the North American market. That alliance is expanding, as the two are crossing the Atlantic into Europe.
Playtech recently went through a rough spell when a multibillion-dollar takeover by Aristocrat Gaming fell apart. The gaming technology company’s stock plummeted along with it, but executives shrugged it off and moved on.
Moving on means focusing on expansion. Playtech and Paysafe, a digital payments provider, announced Monday that they have signed a global partnership. This will extend their cooperation in the UK and across Europe. This partnership builds on an existing relationship between the companies, established through their US ties.
Global Growth Commitment
Playtech offers Paysafe’s payment solutions to its technology platform customers, including iGaming operators. Going forward, gaming operators across Europe will have access to Playtech’s iGaming information management solution to enhance their payments operations.
The solution uses an API developed by Paysafe, as well as its digital wallet. It expands the payment options, giving gaming platforms and users more flexibility.
Offering our iGaming partners market-leading technologies that deliver the most seamless and engaging experience to their customers is absolutely central to our strategy at Playtech,” stated Playtech COO Shimon Akad.
Playtech has seen a significant increase in its US business. It has opened new casinos in the country, and has signed deals with a string of new customers. It has also launched new partnerships in Canada and, at the end of last year, added two new live casino studios. One is in Michigan and the other is in New Jersey.
The latest expansion comes after both platforms completed their successful US integration with BetPARX. Since the second quarter of last year, Paysafe has supported the traditional and alternate solutions offered by the gaming platform’s iGaming name, Play Gun Lake, in Michigan.
Off to a Strong 2022 Start
Playtech is off to a good start this year. It released a trading update last Thursday that highlighted solid results for the first quarter of the year.
The first three months’ adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was over $106.2 million. The positive run rate has continued through April, according to the company. It stated that both the B2B and B2C segments are responsible for the positive results.
Snaitech, an Italian brand of the group, has seen positive trends continue since the second quarter of 2021. These positive trends are the result of improvements in the online business, recovery in the retail sector and favorable sports betting results.
B2B performance has been driven primarily by the Americas, especially Caliplay in Mexico. This is in addition to strong performances across other B2B operations like Live Casino.
Live Casino also has several new licensees. Playtech North America has seen numerous new customers sign up. It has also established several partnerships in Canada since the launch of the Ontario market.
The Playtech board is cautiously focused as expected, given the early stage of the year. This is combined with an uncertain backdrop resulting from the pandemic and the war in Ukraine.
Despite losing its deal with Aristocrat, Playtech still envisions a buyout opportunity. It stated that it had made some progress with TTB Partners in Hong Kong regarding a potential offer. However, the company stressed that there is no way to know for certain if it will ever receive an offer or what terms an offer may include.
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