Playtech is joining forces with the Peermont Group to set up an online sports betting venture before the end of the year.
The Peermont Group, one of South Africa’s leading entertainment companies, has entered into a joint venture with the leading online casino software designer and games developer Playtech.
The two organisations are assuming that South Africa’s gambling laws will change and they hope to create an online gambling operation together to serve the entire South African gambling market. Playtech released a statement saying that they acknowledge that South African law only permits online sports betting at the moment and therefore the new venture “will hold a sports betting license and commence operations in 2012.”
Both companies are investing the same amount of capital into the new venture with Playtech also providing its successful PTTS turnkey solutions which include tools for online marketing amongst other things.
Playtech went on to say in its statement that it is hoping the sports betting venture will allow them to build themselves into a “well recognised online brand in advance of regulations permitting online gaming ahead of which customers will be able to play online poker games in a ‘play for fun’ environment.”
Playtech’s CEO, Mor Weizer, said that he is delighted about the partnership. He went on to say that Peermont is a leading player in the South African gaming market and he is “confident that we’ll establish an exciting new online gaming business together.”
Weizer revealed that Playtech is aiming to establish its joint venture model in a number of international markets and hopes that they will be a strong accretive for shareholders as the group aims to align its interest with those of its customers.
Last month Playtech announced another joint venture aimed at the German market with the gaming machine manufacturer Gauselmann Group, the deal is similar in many ways to the one signed with the South African Peermont Group.