Playtech has agreed a deal for the sale of its HappyBet retail betting business in Germany to NetX Betting.
The agreement gives NetX Betting, a subsidiary of Frankfurt-listed pferdewetten.de, the opportunity to contract with HappyBet franchise partners in Germany, subject to successful negotiations with those franchise partners.
Playtech has agreed to give NetX Betting a transitional period in which to conclude the franchise partner negotiations and secure necessary regulatory approvals, at which point the relevant assets will be transferred to NetX Betting, including ownership of certain associated hardware.
After the transition period, the timeframe for which has not been disclosed, any HappyBet shops that are not transferred to NetX Betting will cease to operate.
The HappyBet agreement follows the recent sale of Playtech’s Snai consumer-facing business in Italy and is in line with the company’s renewed focus as a predominantly pure-play B2B company.
Playtech closed down its HappyBet operations in Austria in the second half of 2024.
Shares in Playtech plc. (LSE:PTEC) were down 0.62 per cent at 320.50 pence per share in London Wednesday morning.