Playtech Focusses on Business-to-Business Operations by Selling Happybet Brand in Germany
Playtech Sells its German B2C Sports Betting Brand, Happybet
In a significant move, Playtech has confirmed the sale of its popular German-facing sports betting brand, Happybet, to NetX Betting Limited, a subsidiary of Frankfurt-listed pferdewetten.de AG.
The arrangement allows pferdewetten.de to take over operations of Happybet, negotiate with franchise partners, and assume ownership of associated hardware. The deal, however, remains subject to customary closing conditions and regulatory approvals.
The transaction builds upon Playtech's strategic focus on becoming a predominantly business-to-business operator. This moves comes after the closure of the Austrian Happybet business in late 2020 and the sale of Snaitech Spa to Flutter Entertainment.
During the transition period, pferdewetten.de will negotiate with franchise partners and seek necessary regulatory approvals from German authorities. Remaining Happybet assets not transferred or assumed by pferdewetten.de will be ceased or wound up accordingly.
The deal includes the sale of approximately 600 hardware units, which include Point of Sale (POS) and betting terminals. The buyer may choose to acquire these units or opt for replacements.
Playtech issued a statement, noting a transition period for negotiations and regulatory approvals. The company confirmed that any assets not bought out would be shuttered.
With the German market exit, Playtech intends to streamline its operations and focus on business-to-business markets.
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[1] Playtech to Transform into a B2B-Focused Operator with the German Market Exit: https://www.regulation.finance/news/playtech-to-transform-into-a-b2b-focused-operator-with-the-german-market-exit/[2] Playtech Sells German-facing Sports Betting Brand Happybet: https://www.reuters.com/business/us-business/playtech-sells-german-facing-sports-betting-brand-happybet-pferdewetten-de-ag-2021-11-17[3] Playtech Partners with NetX Betting for the Sale of Happybet: https://www.calvinayre.com/2021/11/17/business/playtech-signs-agreement-with-netx-betting-to-offload-happybet-germany/[4] Flutter Entertainment to Acquire Snaitech from Playtech for €2.3bn: https://www.igamingtimes.com/operator-news/flutter-entertainment-to-acquire-snaitech-from-playtech-for-e2-3bn/[5] Playtech Declares its Departure from the German B2C Betting Market: https://www.casinonewsdaily.com/playtech-declares-its-departure-from-the-german-b2c-betting-market/
- The transaction, involving the sale of Playtech's German sports betting brand Happybet, aligns with the company's strategic focus on transitioning into a business-to-business (B2B) operator.
- With the sale of Happybet, Playtech is divesting from the business-to-consumer (B2C) German market to concentrate on B2B markets.
