Ladbrokes Poker To Move To PlaytechComprehensive Digital Deal Sees Ladbrokes And Playtech Partner To Create Ladbrokes Israel |
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With the ink barely dry on the deal to end its online joint venture with William Hill, Playtech has secured a significant digital deal with Hill’s great rival Ladbrokes.
The UK’s largest bookmaker has been suffering due to stunted online performance and the deal to create a new enterprise, Ladbrokes Israel, sees it aim to jump start is digital presence.
The deal sees Ladbrokes acquire This Nation Traffic Ltd., a Playtech affiliated company for £850,000. It will be renamed Ladbrokes Israel and will focus on driving customer relationship management and digital marketing.
In time the deal will allow for Ladbrokes to migrate its poker platform to iPoker from Microgaming. Ladbrokes poker product has underperformed for several years now.
Richard Glynn, chief executive officer of Ladbrokes, said, “Ladbrokes has made significant progress over the past two years by investing in our core technology, revitalising our brand and making our customer offer more competitive. The next phase of this reinvigoration will see us work closely with Playtech to increase customer lifetime values through enhanced CRM, an area in which Playtech has a proven track record.
“The formation of a new, Ladbrokes owned, ecommerce and digital marketing services function, in addition to an expansion of our existing product relationship is a material development. This relationship will accelerate our progress in a sustainable way over the next five years and beyond.”
Chief executive officer Mor Weizer added, “This is an exciting opportunity to play a key role in delivering material growth to Ladbrokes Digital business in the coming years. The combination of Ladbrokes’ brand strength, its newly invested core technology and Playtech’s proven track record in growing digital revenues through advanced ecommerce and digital marketing has significant potential.
“The structure of the agreement reflects our confidence in accelerating Ladbrokes’ Digital revenue growth.”
The complex structure of the deal will see interim payments made by Ladbrokes to Playtech upon the achievement of agreed increases in EBITDA, set at £35 million, £70 million and £100 million.
Ladbrokes recently bought online betting exchange Betdaq to bolster its online offering.
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