Playtech M&A strategy boosted by new recruit

Playtech M&A strategy boosted by new recruit

Wednesday, October 14, 2015 Totally Gaming
Ian Chuter will lead Playtech's acquisition plan

Playtech looks ready to continue its strategy of growth through acquisition after recruiting industry veteran Ian Chuter to lead its M&A strategy.

Chuter joins the company after earlier this year leaving Betfair, where he spent four years as group operations director, a role he previously held at William Hill. Chuter will begin work with Playtech in November as a strategic adviser with a specific remit focusing on gaming, sports betting and M&A.

Chuter said: “I’m thrilled to be joining Playtech at such an exciting time. I know the management team very well from my days at William Hill and am really looking forward to working closely with them on a number of very exciting projects.”

Playtech will be well aware of its new recruit’s abilities, with Chuter playing a major role in the company’s joint venture with William Hill, William Hill Online, and the betting operator’s subsequent acquisition of Playtech’s 29-per-cent stake in 2013.

Playtech’s takeover of Dublin-based trading company Ava Trade was put on hold last week after it was opposed by the Central Bank of Ireland, with that move triggering concerns about the viability of the company’s £459.6m ($615.3m/$702.1m) purchase of Plus500.

Meanwhile, Plus500 – whose takeover has been agreed by both sets of shareholders but is waiting on regulatory approval by the UK’s Financial Conduct Authority (FCA) – has announced impressive figures for Q3.

For the three months to September 30, revenue rose 44 per cent from the third quarter of 2014 to $80.9m, as the number of new customers increased 15 per cent to 17,047.

The group said: “The continuing market volatility, focused marketing strategy and ongoing improvement in technology are expected to be significant contributors to the company’s ability of gaining new customers at an attractive cost.

“The company is now also actively targeting high value customers. As a result, the board still expects revenues to be ahead of 2014 but with profitability still not expected to match that of last year.”


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