William Hill May Buy Playtech in 2013

04/05/2012
By Tommie ClarkGoogle

Rumors circulated throughout the gambling industry this week that UK-based William Hill, is exploring the possibility of buying Playtech. Playtech, an Israeli company, is one of the world’s largest online casino games software developers.

 

Currently, Playtech and William Hill already have a partnership in which Playtech owns a twenty-nine percent share of William Hill online.  The arrangement between the companies generates about forty percent of the betting operator’s profits. In 2013, the terms of the partnership will come up for review and will give William Hill the legal right to buy out Playtech’s twenty-nine percent share.

 

In discussing the relationship between the companies, Ralph Topping, CEO at William Hill, stated that he and chairman, Gareth Davis, met on a monthly basis with counterparts at Playtech. He continued, “Discussions about the future are positive … despite colorful episodes over the past three years [the joint venture] has been good for their investors and good for our investors. The current arrangement is one that needs to change – both organizations recognize that.”

 

Despite the state of the economy in the UK and throughout the world, William Hill continues to grow its online profits by seventeen percent. However, they saw a four percent decline in profits in their land based casinos, of which they have almost 2,400 across the UK. CEO Ralph Topping said, “I think you are seeing the working man saying that some of his pleasures are just not going to be foregone. He’s not spending on a new car and might be cutting back on holidays but he needs a bit of brightness in his life.”

 

More details are likely to unfold within the coming weeks on whether the deal will move forward.

 

 

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