Peermont Group Signs Gaming Deal with Playtech

January 30 – South Africa's Peermont Group has entered into a joint venture with the Isle of Man-based online casino software designer and games developer, Playtech, it was revealed recently.

Ahead of the highly anticipated changes in South Africa's online gambling laws, the joint venture will see Peermont Group and Playtech create an online gaming operation which services the South African gambling market.

A statement issued by Playtech said that "South African currently permits online sports betting and it is intended that the joint venture will hold a sports betting license and commence operations in 2012."

Each company will commit working capital for an equal share in the joint venture. Playtech, under the terms of the new agreement, will provide its successful PTTS turnkey solutions, which incorporates online marketing and other tools.

Continuing in the statement that the Peermont Group signed a deal with Playtech, the latter elaborated on the plans to set up a joint sports betting platform this year.

"This will enable the  joint venture to position itself as a well recognised online brand in advance of regulations permitting online gaming ahead of which customers will be able to play online poker games in a 'play for fun' environment," read the statement.

The Chief Executive Officer of Playtech, Mor Weizer added that he was delighted to be able to announce another joint venture in a regulating market for Playtech.

Peermont is a Leading Player in SA Gaming Market

"Peermont is one of the leading players in the South African gaming market and I am confident that we'll establish an exciting new online gaming business together, especially once a broader range of gaming products is permitted," said Weizer.

He revealed that Playtech is working to establish its joint venture model in a range of international markets and said that they will prove as a strong accretive for shareholders as the group aligns its interests with those of its customers.

"Our strategy is to build long term relationships with leading gaming groups in their local markets combining Playtech's technology and marketing expertise with our partner's local market presence and knowledge," said Weizer.

Recently, Playtech announced a joint venture for the German market with gaming machine manufacturer, Gauselmann Group, similar to the deal signed with the South African Peermont Group.

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