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As the US relaxed regulation laws on gambling, companies are scrambling to get a firm foothold on the US gambling market. After many deliberations between gambling company Playtech and Aristocrat, the latter has offered a £2.7b bid to take over Playtech.Playtech shares surged by 60% after the announcement of the takeover bid. Investors of Playtech were offered 680p per share, a 58% premium last Friday.The latest offer on the table is the fourth attempt at the Playtech takeover after the last attempt drew a blank in April.CEO at Aristocrat Trevor Croker said the deal would “unlock sustainable shareholder value by seizing opportunities in the fast-growing global online RMG (real-money gaming) segments as they continue to open up, particularly in North America.”
About Aristocrat
Aristocrat came on the scene back in 1953 after successfully developing land-based slot machines the ‘Clubmaster. Back in the day, it was the height of innovation in terms of gameplay and player engagement.During the 60s, Aristocrat moved from Australia into the European market, and soon after Las Vegas cottoned on, and the Aristocrat Nevada was born.Fast Forward 2021, the company rebranded to Aristocrat Gaming and continues to dominate the world markets in the iGaming industry. They still produce land-based slot machines mainly for the Las Vegas market but they now concentrate on the gambling business after many lucrative deals over the years.
Are Takeovers on the Cards?
Since the pandemic hit in 2020, Playtech has struggled with profits, along with ongoing competition, and regulatory restrictions within the industry.The latest takeover of Playtech comes hot on the heels after Caesars Entertainment took over William Hill, and DraftKings is attempting to takeover Entain, who own Ladbrokes and Coral amongst others.