Playtech Adds Sports Betting to Services

Online gaming company Playtech has added sports betting to its list of services after acquiring sports betting software provider Player2Players.

Sports betting growth potential
The deal, disclosed in Playtech's 2008 financial report, was made based on Playtech's estimation that sports betting has important growth potential for the company, news agencies reported.

Playtech, majority owned by Israeli Teddy Sagi, has gone one-up on rival CryptoLogic by adding to their existing suite of casino, poker and bingo software products.

Meaning for players
Playtech-licensed operators will now be able to add sportsbooks to their existing services. The company can now offer its clients the full line of gaming products featuring land- and mobile-based gambling.

The move follows a recent deal between Playtech and Marvel EntertAinment which will allow Playtech to use Marvel's comic characters on their new slot machines.

William Hill Deal
The financial report also gave an update on a deal struck between Playtech and UK bookmaker William Hill late last year. Playtech bought gaming assets, businesses and contracts and then on-sold them for a priceof $250 million in exchange for a 29 percent stake in William Hill.

Analysts have said both William Hill and Playech should experience upgrades in the medium-term as a result, newspapers reported. Changes were evident in the player's persepctive immediately following the deal, with the launch of the new William Hill Casino Club.