Playtech Ltd. (PTEC.L), a provider of software platform for online, mobile and land-based games, Monday announced the expansion of its existing software and technology agreements with Ladbrokes plc (LAD.L). Playtech added that its PTTS has entered into a landmark agreement to provide Ladbrokes with advisory services to assist in the development and growth of its digital business. The extension is effective on May 1.
The companies said the new software agreement will provide Ladbrokes with access to Playtech's full technology and product suite.
The deal, for an initial period of more than five years, will commence with the launch of a new 'Vegas' tab on Ladbrokes' digital platforms, offering a suite of casino and games products across online, mobile and tablet, with the other products to follow in due course.
The companies expect that over the medium term, Playtech's IMS will become the foundation of Ladbrokes' digital back-end, enabling Ladbrokes and its customers to enjoy the benefits of a fully integrated experience across all products and channels.
The new software agreement builds upon Playtech's existing relationship with Ladbrokes, through which it provides bingo and Videobet products.
In addition to the royalties to be generated under the terms of the software agreement, Playtech will be entitled to a success fee for the advisory services provided by PTTS, based upon the improved performance of the Ladbrokes digital business.
Meanwhile, Ladbrokes said its Board is confident that these arrangements will deliver a significant acceleration in the growth of Digital revenues over the five years to 2017 and beyond.
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by RTT Staff Writer
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