(Newswire.net — December 8, 2021) —
iGaming giant, Playtech, has been under the spotlight recently, with no more than three entities scrambling to put their takeover proposals on its table, hoping to be its first choice. What has everyone so interested in Playtech is its massive market share of the iGaming sector, with many organizations and conglomerates wanting to get in on the action.
Playtech has made an extensive foray into online gambling and sports betting in America, working in partnership with many operators, including Play Gun Lake, the online arm of Michigan’s Gun Lake Casino. As the American sector is relatively new and unexploited, companies are looking to acquire Playtech to further advance its expansion into this rapidly growing market.
A new bid
Playtech’s latest bid for takeover comes from JKO Play Ltd., a business consortium headed by Eddie Jordan, a former Formula One motor racing team owner. It is currently negotiating a financing deal for this takeover with Centerbridge Partners LP, a New York-based investment firm. While Playtech confirmed receipt of the offer, adding that talks were in the initial stages and the offer is by no means certain as things stand. Neither JKO nor Playtech have disclosed the value of this takeover bid and whether it exceeds other current offers.
This is not Jordan’s first attempt at a foray into the gaming world. Earlier this year, he contemplated a bid for Scientific Games’ OpenBet platform. However, it was eventually sold to Endeavor Group Holdings, the Ultimate Fighting Championship’s (UFC) parent company. Jordan is teaming up with Keith O’Laughlin, a former executive at Scientific Games.
Shareholder takeover
Another bid that remains on Playtech’s table is from Gopher Investments, already a substantial shareholder in the company, with the second-largest number of shares. Its attempt at a takeover is a testament to the substantial rise of iGaming and an indicator of its potential future growth as more American states enact online gambling and sports betting legislation.
What about Aristocrat?
Aristocrat has had a takeover proposal on Playtech’s table for a while now, announcing it in October 2021. However, it is still working with Estonia-based Playtech to conclude a mutually beneficial agreement, including complying with the necessary regulatory processes and protocols. The company states that its takeover bid is still active and has a viable chance of success. It has not indicated whether it will increase its financial offer to Playtech to make it a more lucrative option.
Aristocrat hopes to bolster its revenues through a takeover of Playtech by taking advantage of an emerging North American online real money gambling market. It hopes that combining its technology and outstanding industry reputation with Playtech’s platform will allow for a continued, sustainable growth trajectory.