UK's Playtech says still in the market for acquisitions

Reuters News
Posted: Aug 27, 2015 5:32 AM

(Reuters) - Playtech Plc, an online gaming and betting software provider founded by Israeli billionaire Teddy Sagi, is looking for more acquisitions to add to the three it has already made this year.

"We definitely intend to continue considering certain additional M&A opportunities going forward, for both gaming and online (contract-for-difference) trading," Chief Executive Mor Weizer told Reuters.

The betting sector has seen a trend of consolidation this year as companies try to combat higher tax bills and tighter regulation in Britain and compete better in a market buoyed by the increasing use of mobiles and tablets.

Playtech, which counts Betfair Group Plc, William Hill Plc and Paddy Power Plc as its licensees, earlier this year forayed into the forex trading market by buying a majority stake in TradeFx.

The company strengthened its hand by then snapping up Plus500 Ltd and Ava Trade.

(Reporting by Esha Vaish in Bengaluru; Editing by Anupama Dwivedi)