Playtech AGM latest

Playtech in its Annual General Meeting on Wednesday 21^st May said that the current value of their shares which is lower than hoped was because of short term concerns covering the whole of the online gambling industry and not specific to the company.

The company said it was continuing its strategy of organic development, joint ventures and targeted acquisitions, which has enabled it to take advantage of “significant opportunities” in the global gambling industry.

In the meeting Playtech said that with a reserve cash pot of €527.4 million it was “assessing the potential for further value-enhancing acquisitions, joint ventures and partnerships, particularly focusing on regulated markets”.

“Playtech has a proven ability to generate value through successful acquisitions, and management is confident that this will continue,” Chairman Alan Jackson said.

Jackson went on to say: “The board believes that Playtech’s huge experience with, and commitment to, regulated markets – combined with its proven track record – makes it the natural choice for operators in regulated markets.

“Governments around the world are increasingly recognising the revenue potential of regulating online gambling. Playtech’s long-time focus on regulated markets has ensured it is ideally positioned to benefit from opportunities in a geographically diverse range of regulated and soon-to-be-regulated markets.”

The company added that it remained “optimistic for future development in other markets”, including the US, and said it is maintaining “a close watch on appropriate legislative developments in these markets”.