Playtech Licenses SciPlay to Scientific Gaming
Playtech issued statements regarding some of the ventures it entered in the recent past. One of them was SciPlay, a joint venture between Scientific Gaming and Playtech. The company was restructured to work through a few operational problems. Following this announcement, the share price of Scientific Gaming dropped by 10%.
Old Joint Venture Structure had Issues
According to the chief executive officer at Playtech, Mor Weizer, there were a few complexities and limitations in accounting in the structure of the joint venture. This was preventing them from maximizing the full potential of the opportunities presented by the venture. By revising the structure, the companies were able to work together on several areas. They were also able to make the most of the advantages that were outside the agreement they signed initially.
Based on the new agreement, the online gaming software owned by Playtech will be licensed to Scientific Games. This will be done on mutually non-exclusive grounds. Only a few of Scientific Games’ customers, both present and prospective, will get to use the software. This includes all USA casinos operating across the world. Scientific Games will then fully own the subsidiary SciPlay.
Playtech to Join Gambling Firms in the US
Playtech also has intentions of joining with other gambling firms to establish its presence on the online platform in the US. This will be beneficial for Playtech if online gambling becomes legal in the country. Just as Playtech is approaching companies that will be suitable partners, companies are reaching out to partner with it.
According to Weizer, a lot of work regarding legalizing and regulating gambling is taking place in many states. Jersey is one such state which is setting up a regulatory framework for this. Last year, authorities from Jersey approached the software provider with assurance that the state’s licensing regime will be suitable for operating a top-notch casino.
Currently, Playtech has a few licensees who operate sites from the Channel Islands. So, the software provider has applied for a license for online gambling from the Gambling Commission in Jersey. According to the Minister for Economic Development in Jersey, the company applying for the license is an indication that the online gambling opportunities in the state are those that suit established software providers like Playtech.
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