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Playtech Faces Shareholder Revolt

Niji Narayan

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Playtech Faces Shareholder Revolt
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Playtech Plc is facing a shareholder revolt with regards to how the company handled succession duties following the departure of Alan Jackson as Non-Executive Chairman last year.

The Times reported that shareholders of the FTSE250 technology group are unhappy that Playtech’s board suspended its executive search for Jackson’s replacement last May – a move that saw Claire Milne extend her role as interim chair of the company.

The firm maintained, however, that it will proceed to name a full-time chairman appointment “once it completes its selection process.”

Playtech claimed it was forced to temporarily suspend its search for Jackson’s replacement citing that standard governance procedures had been interrupted by significant limitations and restrictions of COVID-19 pandemic.

Furthermore, Milne had been charged with leading an internal review of Playtech’s compliance failings related to its defunct B2C subsidiary PT Entertainment Services (PTES), the former operating company of TitanBet and Winner.co.uk brands, which was fined £3.5 million by the UK Gambling Commission (UKGC) for serious customer care failings.

The Times stated that “several investors” are frustrated by governance’s failure to appoint a high-profile chairman during a critical juncture for the company, which requires an experienced leader to represent Playtech to the investment community.

US investor, Jason Ader who holds 5% of Playtech shareholdings through New York investment fund SpringOwl, openly stated his frustrations.

“We do not support Claire Milne as the future chairwoman of Playtech. We believe there are better candidates to lead this company into US gaming markets and lead it in its various endeavours over the course of the next decade,” he quoted.

Industry News

Fast Track Appoints Johnny Tominaga as Head of Marketing

Niji Narayan

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Fast Track Appoints Johnny Tominaga as Head of Marketing
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Fast Track has appointed Johnny Tominaga as its new head of marketing.

Tominaga joins Fast Track’s Malta team with more than 15 years of marketing and advertisement experience, having worked with major corporations such as Microsoft, Intel, Disney and Pepsico.

“We are at a really exciting stage in Fast Track’s growth and Johnny is going to have a pivotal role in shaping how we communicate with the industry as we continue to evolve. We are already impressed with his wide-ranging knowledge and creativity and know that we can expect great things!” Simon Lidzén, Co-founder and CEO of Fast Track, said.

“Fast Track is disrupting the iGaming industry by creating cutting-edge technology that will continue to change the dynamics of the industry. I’m excited to be part of that journey and help the team continue to tell their story,” Johnny Tominaga said.

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Industry News

IGT Announces Completion of Sale of its Italian B2C Gaming Business

Niji Narayan

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IGT Announces Completion of Sale of its Italian B2C Gaming Business
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International Game Technology PLC (IGT) has announced that its wholly-owned subsidiary IGT Lottery S.p.A. has completed the sale of 100% of the share capital of Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse S.r.l., the members of the IGT group which conduct its Italian B2C gaming machine, sports betting and digital gaming businesses, to Gamenet Group S.p.A. for a cash purchase price of €950 million (€725 million of which was paid at closing, €100 million of which is payable on 31 December 2021 and the remaining €125 million of which is payable on 30 September 2022).

IGT will use the funds received at closing net of approximately €94 million (representing the aggregate cash held by the Subsidiaries) to pay transaction expenses and reduce debt.

Credit Suisse International acted as lead financial advisor to IGT, UBS acted as financial advisor and fairness opinion advisor to IGT and its Board of Directors, and White & Case LLP and NCTM advised IGT. Barclays Bank Ireland Plc., Mediobanca, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and the Italian offices of Cleary, Gottlieb, Steen & Hamilton LLP and Latham & Watkins, LLP advised the buyer.

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Industry News

Gaming Realms Signs Licensing Agreement with Pragmatic Play

Niji Narayan

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Gaming Realms Signs Licensing Agreement with Pragmatic Play
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Gaming Realms has signed a licensing agreement with Pragmatic Play to produce Pragmatic Play-themed Slingo games.

Under the terms of the agreement, Gaming Realms is to license market-leading brands from Pragmatic Play’s expansive game portfolio, including Sweet Bonanza and Wolf Gold, to create Slingo games.

Michael Buckley, executive chairman of Gaming Realms, said: “This licensing partnership with Pragmatic Play opens up a range of cross-sell benefits to both parties. The collaboration between two organisations with a key focus on content innovation in the digital space is truly exciting.

“Pragmatic Play creates engaging and immersive gaming content that fits perfectly with Slingo; we’re hoping this announcement should excite both operators and players.”

Yossi Barzely, chief business development officer at Pragmatic Play, said: “Creating memorable gaming experiences is a priority for us and Gaming Realms has an excellent reputation through its Slingo portfolio.

“We have an extremely positive feeling about the potential for Pragmatic Play-themed Slingo games and are eager to see this partnership realise its potential.”

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