(Bloomberg) British gambling software developer Playtech Plc gained almost 60% on Monday on a takeover deal valued at A$5 billion, or $3.7 billion, by Australia’s Aristocrat Leisure Ltd.
The Playtech’s deal by the Australian slot-machine maker happens amid a rise in online gambling, which became popular during the pandemic-induced lockdowns.
Analysts see the latest deal as a reflection of the continued move by incumbents to take opportunities in the online gambling industry despite the sector showing some consolidation signs.
The deal values Playtech at 680 pence or $9.35 per share, which is 58% above the company’s closing price on October 15.
Sports betting increased exponentially in 2018 when the Supreme Court of the US lifted a law that prohibited it outside Nevada.
PTEC: LON is up +57.04%.
