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January 22 - Playtech positioned itself at the forefront of a possible gold rush back to the USA, as their latest deal with SGMS was interpreted by online gambling analysts as a clear sign that America may well be thawing in its protectionist stance against the industry.
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While the practical impact of the JV deal will be minimal in the short term, with Playetch's revenues not expected to rise significantly as an immediate result, the online gambling software behemoth's stock price rose sharply in Thursday trading. The 11% rise to 482.5p represented a gain of over 46 pence per share as investors were quick to realize how important this deal could be for Playtech.
James Hollins, an analyst at Daniel Stewart, commented that the deal with Scientific Games Corporation will likely drive many major contract wins in the future, especially as the Americans open their online gambling market on a state or federal basis in the medium term.
And to think when Playtech pulled out of the US market in the wake of UIGEA many in the industry thought that online gambling was doomed and sold their stakes for cents on the dollar. Mulligan, anyone?
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