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21 July 2011
Bingo News: Playtech teams up with Gala Coral to acquire Mobile phone sports betting company Morbenga AB
Playtech Ltd, online gambling software provider and developer has joined up with William Hill Plc to make a deal to acquire mobile phone sports betting company Mobenga AB. This is thought to be a long term deal with Playtech prepared to pay 15.8 million Euros for Mobenga who are based in Stockholm.
Playtech has also revealed their second quarter revenue has risen 7 percent to 39.6 million Euros compared to the same period in the previous year, which is led by their casino games.
Gala coral has 2000 betting shops across the UK and in Italy, will become one of Playtech's top 3 clients within 12 months of the software transferring in 2012 according to Playtech's CEO Mor Weizer. Mobenga will help expand Playtech's mobile telephone gambling, which accounts for 30 percent of bets for some companies who offer this service.
Mor Weizer also said “This is a very important win for us. We already have most of the established operators in the U.K., and Gala Coral we were after for a long time.”
Playtech's shares have fallen by 16 percent this year which means the company has a market value of 866.3 million pounds.
Playtech will soon be able to combine sports betting, poker and casino games in one convenient app thanks to their new partnership with Mobenga.
Most of Playtech's clients generate new business through sports although they make the most money through games, so they are constantly trying to convert sports betters into game players. Casino revenue gained 9 percent to 27.3 million Euros in the second quarter and bingo sales rose 32 percent to 3.6 millions Euros. The poker side of things declined with sales dropping from 32 percent to 5 millions Euros. Web based companies who were still accepting games in the US were charged with money laundering back in April.
Mor Weizer said that companies still had the finances to lure in poker players and that these numbers had been picking up since the end of last month when one of the companies ceased play. Full Tilt Poker, who were the World's biggest poker site, had it's license removed by Alderney at the end of June.