Business News

Playtech has agreed a fifteen-year contract extension with News UK to continue operating the UK-facing online bingo site Sun Bingo.

Playtech’s existing partnership with News UK, initially established in 2015, has also been expanded to include new product verticals.

Playtech said that the expansion is an important part of developing the Sun Bingo offering, as well as delivering greater value to both Playtech and News UK over the long term.

It follows a year of strong revenue growth for Sun Bingo as revenue increased by 43 per cent to €33.7m in 2018, driven by the continued focus on targeted and data-driven marketing. The business recorded a loss for the year of €20.1m however, compared to a loss of €28.8m in 2017.

“This is a significant extension and expansion to our collaboration with Sun Bingo, which focuses on offering a first-class service to customers while improving value to both Playtech and News UK over the long term,” said Playtech CEO Mor Weizer. “We’re looking forward to continuing our strong relationship.

“Today’s announcement completely aligns with our strategy to use our technology, data and expertise to power the world’s leading betting and gaming brands in regulated markets.”

News UK chief operating officer David Dinsmore commented: “Sun Bingo is one of a raft of major brand extensions we see driving valuable engagement and revenue growth over the long term.

“The last twelve months have shown a significant hike in registrations and revenues, and this extended collaboration with Playtech will allow us to build on that momentum in the years ahead.”

Shares in Playtech plc (LSE:PTEC) were trading up 5.70 per cent at 389.10 pence per share in London Thursday morning.