Gamesys loses out to Playtech with Sun Bingo Contract
Playtech pips Gamesys at the Post to Seal the Deal with News UK and its Bingo Products!
Sun Bingo Rolls out its Brand-New Virtue Fusion-Powered Platform
Online gaming software giant, Playtech is now running the full spectrum of bingo, casino and other games at News UK and its premier bingo platforms. The Israeli company inked a deal with Sun Newspapers’ leading bingo websites. The deal will run from 2016 August for 5 years and is estimated to be worth several hundred million pounds. Playtech had previously attempted to get a foot in the door in the retail CFD arena in the UK, when it attempted to acquire Plus500. However, regulatory approval was denied and the £460 million contract went up in smoke.
According to the FCA (Financial Conduct Authority), Playtech was required to meet certain regulations that the company CEO and founder could not comply with. However, the lucrative deal with News UK, which became effective this August was plenty reason to celebrate for Playtech. The UK bingo market is one of the most profitable in the world, and the online bingo industry is growing at a rate of knots. According to the terms of the agreement, Playtech will now be managing all of the bingo software, games, progressive jackpots and more of Fabulous Bingo and Sun Bingo.
Virtue Fusion is involved primarily in the UK online bingo industry, and it offers software to Mecca Bingo, Paddy Power Bingo, William Hill Bingo, Gala Coral and others. Combined, those online bingo operators sport 20,000 online bingo players. News UK online bingo rooms boast approximately 15,000 players.
Gamesys Loses Out to Playtech
Virtue Fusion, the business unit that Playtech established for online bingo gaming will now be responsible for the mobile gaming (iOS and Android) and PC-based versions of both bingo rooms. Prior to Playtech’s takeover, all players were migrated over from the Gamesys platform to the new platform. Sun Bingo has been in operation since 2005 and it has since established itself as a frontrunner in the online bingo industry in the UK. The online bingo room was initially powered by Tombola, but Gamesys took over in 2008. Between 2008 and 2016, Entertaining Play (a subsidiary of Gamesys) has been managing the gaming at Sun Bingo and Fabulous Bingo.
The News UK contract was a major loss for Gamesys, and it comes on the heels of the sale of its business to customer brands to Intertain Group in 2015. This resulted in Gamesys primarily becoming a business to business operation. Now, Sun Bingo will run on a Playtech platform for 5 years, utilising the industry’s most innovative, exciting and engaging technology. Among others, Playtech’s bingo unit – Virtue Fusion – is responsible for the world’s most successful online bingo rooms, 888 Holdings Plc brands among them. Sun Bingo’s new platform will enjoy the addition of thousands of players, and it brings Playtech into the regulated UK online bingo market. The current share price of Playtech is 846.48p, up 0.53% or 4.48p as at 4 August 2016 on the London Stock Exchange (LSE).