{"id":184526,"date":"2021-09-01T09:11:15","date_gmt":"2021-09-01T16:11:15","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=184526"},"modified":"2021-09-01T11:42:46","modified_gmt":"2021-09-01T18:42:46","slug":"piaytika-is-buying-reworks-for-600-million-to-expand-app-biz","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/","title":{"rendered":"Playtika Paying $600M for Redecor App Parent Reworks"},"content":{"rendered":"

Mobile gaming company Playtika (NASDAQ:PLTK) is spreading its wings beyond the gaming space in its $600 million purchase of design entertainment app purveyor Reworks.<\/p>\n

\"Playtika
Playtika is buying Reworks for $600 million, as seen in the screenshot from a recent news clip above. The buyer could hunt for more deals. (Image: Bloomberg<\/em>)<\/figcaption><\/figure>\n

The Israeli company said late Monday it’s acquiring Finland-based Reworks, the owner of the popular design entertainment mobile app Redecor. While an app where players decorate homes may not seem like a natural fit for the company behind Slotomania and mobile casino games, Playtika sees big potential with Redecor. That’s by way of the target’s status as the second-largest design entertainment app and its robust in-app purchase market.<\/p>\n

In-app purchase revenue in the Design Entertainment category has grown at a 33 percent compounded annual growth rate since 2019, based on App Annie,\u201d according to a statement issued by the companies. \u201cHome D\u00e9cor comprises 12 percent of all US e-commerce sales, is one of the most popular categories on Pinterest, and returns more than 100 million Home D\u00e9cor-related Instagram posts.\u201d<\/p><\/blockquote>\n

Under the terms of the agreement, Playtika is acquiring 80 percent of Reworks for $400 million in cash. The remaining 20 percent of the Finnish company can be acquired for $200 million based on the target’s 2022 earnings before interest, taxes, depreciation and amortization (EBITDA). If a certain EBITDA goal isn’t exceeded, Playtika gets the outstanding 20 percent for $1.<\/p>\n

Interesting But Sensible Fit for Playtika<\/h2>\n

Playtika, which went public in January<\/a>, is the company behind well-known mobile games such as Bingo Blitz, Caesars Slots, Slotomania, and World Series of Poker (WSOP) Social.<\/p>\n

\n

Its Reworks purchase is practical from the standpoint that the Finnish company’s user base shares demographic traits with Playtika’s 36 million-plus monthly users. Moreover, the deal is forecast to boost Playtika’s 2021 sales by approximately $30 million.<\/p>\n<\/div>\n

The purchase could also bolster the Israeli company’s already dominant perch in mobile games, as it’s the firm behind nine of the top 100 highest-grossing games in the major app stores.<\/p>\n

Playtika has some interesting gaming industry lineage. A year after Playtika was found, it was acquired by Caesars Interactive, a unit of the famous casino operator, for $130 million. Hence the Caesars Slots offering.<\/strong><\/p>\n

When it came under financial duress and needed cash, the old version of Caesars sold Playtika to the aforementioned Chinese investors in 2016 for $4.4 billion.<\/a> Today, the company has a market capitalization of $10.76 billion.<\/p>\n

Maybe More Deals for Playtika<\/h2>\n

Founded in 2010, Playtika has an acquisitive history. The Reworks deal is the suitor’s eighth acquisition to date and its largest.<\/p>\n

With the consolidation of the topic of the moment<\/a> across the gaming industry, including mobile gaming and social casinos, Playtika is leaving the door open to more deals, and it has the resources to execute on that front.<\/p>\n

\u201cFollowing this transaction, Playtika remains well-positioned to continue pursuing its M&A strategy, with approximately $1.4 billion in available liquidity for future deals,\u201d<\/strong> said the company.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mobile gaming company Playtika (NASDAQ:PLTK) is spreading its wings beyond the gaming space in its $600 million purchase of design entertainment app purveyor Reworks. The Israeli company said late Monday it’s acquiring Finland-based Reworks, the owner of the popular design entertainment mobile app Redecor. While an app where players decorate homes may not seem like […]<\/p>\n","protected":false},"author":46,"featured_media":184528,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,20],"tags":[],"acf":[],"yoast_head":"\nPIaytika Is Buying Reworks for $600 Million to Expand App Biz<\/title>\n<meta name=\"description\" content=\"Mobile games firm Playtika is buying Reworks for $600 million to bolster its in-app revenue stream.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PIaytika Is Buying Reworks for $600 Million to Expand App Biz\" \/>\n<meta property=\"og:description\" content=\"Mobile games firm Playtika is buying Reworks for $600 million to bolster its in-app revenue stream.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-01T16:11:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-01T18:42:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/PT.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/\",\"url\":\"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/\",\"name\":\"PIaytika Is Buying Reworks for $600 Million to Expand App Biz\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/PT.jpg\",\"datePublished\":\"2021-09-01T16:11:15+00:00\",\"dateModified\":\"2021-09-01T18:42:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Mobile games firm Playtika is buying Reworks for $600 million to bolster its in-app revenue stream.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/PT.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/PT.jpg\",\"width\":1920,\"height\":1080,\"caption\":\"Playtika is buying Reworks for $600 million. The buyer could hunt for more deals. (Image: Bloomberg)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Gaming Business\",\"item\":\"https:\/\/www.casino.org\/news\/gaming-business\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Playtika Paying $600M for Redecor App Parent Reworks\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"PIaytika Is Buying Reworks for $600 Million to Expand App Biz","description":"Mobile games firm Playtika is buying Reworks for $600 million to bolster its in-app revenue stream.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/","og_locale":"en_US","og_type":"article","og_title":"PIaytika Is Buying Reworks for $600 Million to Expand App Biz","og_description":"Mobile games firm Playtika is buying Reworks for $600 million to bolster its in-app revenue stream.","og_url":"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2021-09-01T16:11:15+00:00","article_modified_time":"2021-09-01T18:42:46+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/PT.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/","url":"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/","name":"PIaytika Is Buying Reworks for $600 Million to Expand App Biz","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/PT.jpg","datePublished":"2021-09-01T16:11:15+00:00","dateModified":"2021-09-01T18:42:46+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Mobile games firm Playtika is buying Reworks for $600 million to bolster its in-app revenue stream.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/PT.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/PT.jpg","width":1920,"height":1080,"caption":"Playtika is buying Reworks for $600 million. The buyer could hunt for more deals. (Image: Bloomberg)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/piaytika-is-buying-reworks-for-600-million-to-expand-app-biz\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Gaming Business","item":"https:\/\/www.casino.org\/news\/gaming-business\/"},{"@type":"ListItem","position":3,"name":"Playtika Paying $600M for Redecor App Parent Reworks"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/184526"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=184526"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/184526\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/184528"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=184526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=184526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=184526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}