There’s some good news for Playtech to focus on despite their financial reporting for 2020 revealing the extent of the economic damage caused in 2020.
They will become a key partner for the Kindred Group, securing a deal that will see them supply software to the firm’s various gambling brands including 32Red and Maria Casino.
It’s a timely boost for the firm, who have reported a 25% loss in revenue in 2020. They made £223 million, down nearly a third on the year previous, with a 6% downturn in their B2B operation.
The causes are obvious, with sporting events cancelled, high street betting shops closed and casinos also told to close their doors for large swathes of the year.
There were issues in the Asian market too, where new restrictions in online payments has contributed to fewer bettors entering the market.
The upside is that their core online products saw an increase in activity when compared to 2019, with more gamers turning to casino games, live casino action and online poker.
That perhaps explains why Mor Weizer, Playtech’s chief executive, was in bullish mood despite the heavy losses.
“The attitude and skill of our people, and the strength and diversification of our technology-led business model has enabled us to deliver a robust financial performance in spite of the challenging backdrop,” he said.
“Playtech also made significant strategic and operational progress by adding new brands, expanding existing relationships and entering new markets.”
They will look to settle the ship in 2021, and have appointed Brian Mattingley – formerly of the 888 group – as their new non-executive chairman.
A European Adventure
There are more reasons for Weizer and Playtech’s shareholders to be cheerful after it was revealed they have signed up as partners with the Kindred Group.
They will provide a new online casino platform across Kindred’s suite of nine products, starting with a UK rollout before the new gaming channel is launched in Sweden, Belgium and Romania.
So, players who use the likes of Unibet and 32Red will note the new casino launching in their jurisdiction soon, which will be supplemented by key games from the Playtech back catalogue – Age of the Gods, all of its licensed slots and its array of table games will all be available.
The head of casino at Kindred Group, David Robertson, is delighted with the new partnership.
“Playtech’s innovative and engaging content will provide a fantastic level of entertainment to our international audiences and we’re delighted to be working with them.
“This will be a very exciting partnership for both companies, and we look forward to developing this partnership further in the months and years to come.”
And the chief operating officer at Playtech, Shimon Akad, commented:
“We are thrilled that Kindred Group has chosen Playtech as its technology partner, highlighting the continued strength of our casino offering. This is a great example of Playtech’s commitment to partnering with the right companies to bring great entertainment to new and growing markets.”