Playtech expands deeper into the US
- Playtech products licensed with Greenwood Racing in Michigan, Indiana, New Jersey, and Pennsylvania
- The company already serves bet365 and Entain in New Jersey
- Greenwood Racing owns Parx Casinos, expanding online operations
- Meanwhile, mobile sports betting could go ahead in New York this year
The United States online gambling market continues to open up at a frantic pace, with Playtech the latest big player to strengthen its presence.
Playtech already serves Entain and bet365 in New Jersey, but now it has also penned a strategic partnership with Greenwood Racing, the owner of Parx Casino in Pennsylvania.
The deal sees Playtech serving its gaming product to Greenwood companies in Michigan, which legalised online betting just weeks ago, New Jersey, Pennsylvania, and Indiana.
First out of the blocks will be the launch of an online casino in Michigan on Playtech’s IMS Platform and Player Account Management.
Parx’s existing online sports betting and online casino operations in Pennsylvania and New Jersey will migrate to the Playtech platforms and use its large base of online casino products. Parx expects to expand into other US states in the near future.
Playtech chief executive Mor Weizer said: “This strategic partnership with the Greenwood companies represents a major milestone for Playtech and I’m excited to work with them to help achieve their growth plans in the coming years.
“The US is a highly strategic market and this multi-state, multi-product agreement highlights the demand for the full breadth of our product offering.
“This is the next step for Playtech in the US and we are delighted to work with the Greenwood companies to capture this exciting long-term opportunity.”
Playtech already has partnerships with bet365 and Entain in New Jersey, and will look to capitalise on other markets in the US as they open up.
Investors were buoyed by today’s news, with shares in Playtech Plc climbing 1.13% higher on the London Stock Exchange as news sent the price to 490.50 per share – after earlier peaking at 502.60, a 12-month high.
US online gambling
Online gambling operations in the US are hotting up as, one by one, states pass laws to allow online betting (one, two or all of sports betting, casino and poker).
While Michigan was the latest to give online gambling the all clear, with operators like Churchill Downs quick off the mark with launching its TwinSpires Casino and sports betting offering, other states are thought not to be too far behind.
There is renewed hope mobile sports betting can launch in New York state sometime this year. Senator Joseph Addabbo Jr, the lawmaker pushing for legalisation, said: “I remain optimistic that should it be in the budget April 1st, with a little initiative, our state government can get it up and running by September 9th, which is the first day of the NFL football season.”
New York has already approved retail licenses for sports betting at four upstate casino resorts, while Class III tribal casinos can also offer sportsbook facilities.
Using an analogy to compare New York with neighbouring online gambling states, Sr Addabbo said: “We’re that car in the right lane with four wobbly wheels, and we’re limping along. And these other fast cars like (New) Jersey and Pennsylvania are whizzing by us. That’s an odd spot for New York to be in.”
A recent Spectrum Gaming report suggested mobile sports betting could net New York state $100 million in tax revenues each year.