Playtech Extends Partnership with Flutter Entertainment
Posted on March 25, 2021 | 12:02 pm
Playtech, one of the world’s most important providers of software and content for online casinos, has announced that their deal with Flutter Entertainment was extended for another five years.
The extended contract will see Playtech continue to provide its products and services to Flutter Entertainment’s well-known international brands: Paddy Power, Betfair, and Sky Casino.
The agreement includes live dealer games, a vertical which has seen growing investments from Playtech recently. Moreover, last month the provider launched a bespoke branded studio for 888casino in its Live Casino located in Riga, Latvia.
Playtech already had a similar deal with Flutter, providing exclusive dedicated studios for live dealer games for Paddy Power, Betfair and Sky Casino. They also launched the exclusive Sky Vegas Live Casino earlier this year.
A Key Strategic Partner
Shimon Akad, Chief Operating Officer at Playtech, described its partner as “a key strategic partner” for his company, and underlined the importance of this new long-term contract.
Conor Grant, Chief Executive Officer of Flutter’s UK&I Division, was equally pleased with the extended agreement, and said that it was very important for their brands to secure the supplier’s “high-quality gaming products.”
Shrinking Revenue In 2020
Playtech experienced a significant drop in revenue in 2020, mainly because of the effects of the novel coronavirus pandemic. The company’s revenue for the year was 1.08 billion euros, 25.1% down compared to 2019. The major factor behind this drop was the impact of Covid-19 on retail, several land-based gambling locations had to be closed for months.
That is probably one of the reasons behind the company’s decision to sell Finalto, its financial trading division, in a deal that is believed to be worth around 200 million dollars.
Playtech was founded in 1999 and has grown into a powerful global company in recent years. The company now has around 6,400 employees across 24 countries and its games and software can be found in many of the largest online casinos in the world at the moment. Moreover, the growing vertical of live dealer games is a success for the company, its titles are currently broadcast from studios in Estonia, the Philippines, and Romania.