Playtech PLC can give itself a pat on the back after securing a new agreement with BoyleSports, the second-largest gambling company in Ireland. The two have had a long-running partnership that was renewed in 2017 for four years, and BoyleSports is sufficiently satisfied with Playtech’s operations that it has decided to keep them around. Playtech announced yesterday that it has signed a five-year extension on its existing agreement to continue offering iGaming technology and systems to the company in Ireland and the UK.
Playtech indicated that BoyleSports will use its “full iGaming suite” of options to lead the operator’s online casino, poker, bingo and slot machine activity. It will also be behind BoyleSports’ live casino gaming operations, providing an exclusive platform to the company’s users. The renewal follows Playtech’s complete overhaul of BoyleSports’ Irish retail network to include new terminals and technology facilitated by Playtech BGT Sports.
BoyleSports CEO Conor Gray is confident that the renewal is worthwhile, asserting, “Having had a strong and successful partnership with Playtech for many years now, the extension of our agreement for another five years represents an exciting opportunity to continue growing our business. We’re passionate about creating the best possible player experience across all verticals, and we’re confident that the continued partnership with Playtech will allow us to do exactly that.”
Playtech took a hit this year because of COVID-19, resulting in the company seeing its profits drop 85% in the first half. This was mostly due to coronavirus-forced shutdowns and drops in gaming activity in Asia, with mixed performance seen across its B2B and B2C segments. However, the new agreement should help give it a boost, especially with shareholders. Over the past month, the stock price has seen substantial volatility, starting at $455.22 on October 1 before climbing to $489.96 on October 9. Since then, it has continued to see declines and, as of yesterday, was sitting at $426.42.
The company is proud of having renewed its agreement and is ready to push through the COVID-19 debacle and the changing gambling landscape in the UK and Ireland. Shimon Akad, Playtech’s chief operating officer, says of the continuing partnership, “BoyleSports is one of Playtech’s key trusted long-term partners. BoyleSports has delivered continued growth and is one of the leading operators in regulated markets. We are proud to have grown with them across four key product verticals in its core markets. We’re very much looking forward to working together over the next five years to continue delivering innovative content backed by industry-leading technology.”