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 With waning gambling regulations in the US, it has become increasingly likely that the country will be open to nationalized online gaming in the near future. Many overseas providers are scrambling to get in position and industry leader Playtech is no exception. In a leap against the competition, the company announced the launch of an exciting partnership with U.S. powerhouse, Scientific Gaming. This news came yesterday, much to the excitement of shareholders.
The joint venture called Sciplay is definitely good news for Playtech who has been looking for a way to get back into the U.S. since the passage of the UIGEA in 2006. "This secures our position in the US and provides a great opportunity if and when the US market is regulated," said Playtech's chief executive Mor Weizer.
The two will primarily focus on developing new online software that incorporates Science Game's history of meeting government-sponsored gaming operations, with Playtech's exciting B2B software. Science Games is excited about the opportunity to expand their work further into the online market. "We anticipate that Internet (and associated multimedia distribution) will be the next large wave of growth in gaming," said Mike Chambrello, CEO of Scientific Games.
In their joint announcement the two had this to say on the matter, "We have highly complementary skill-sets allied with a global reach and this partnership provides the opportunity to leverage off this combined know-how to maximum effect."
Playtech shares are already up, having risen 11% after the announcement. The companies expect no substantial earnings for either party in the first year, but expect steady growth in the years following. It should be exciting to see what the two come up with.
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