\u2018Challenging\u2019 Bingo Contract Also Cited<\/strong><\/h2>\nBut that\u2019s not the only area of concern for the company. Playtech has also expressed concerns about a \u201cchallenging\u201d contract with Sun Bingo. In 2015, the company reached a five-year deal with News UK to provide software for the gaming site.<\/p>\n
However, there have apparently been technical problems in the effort to move the existing bingo site onto Playtech\u2019s software platform for a relaunch. Earlier this year, Playtech CEO Mor Weizer said that the project had been more expensive than anticipated, and that the company was about a year behind where they wanted to be on the operation.<\/p>\n
Playtech is also a major manufacturer of fixed-odds betting terminals, or FOBTs. The company did not comment on the UK government review of the machines, most likely because it will have little or no bearing on the company\u2019s 2017 bottom line.<\/p>\n
But it\u2019s possible that changes to betting limits in the United Kingdom could have a severe impact on the firm in future years. With officials suggesting a drop in the maximum stake on FOBTs from \u00a3100 ($131) to potentially as little as \u00a32 ($2.61), both the betting shops that host the machines and the manufacturers who provide them, including Playtech, could see profits decline precipitously should new regulations go into effect.<\/p>\n","protected":false},"excerpt":{"rendered":"
Online gambling giant Playtech saw its shares fall by more than 20 percent following an announcement from the company that profits would not be in line with expectations for 2017. The warning saw shares fall approximately 21.5 percent on Thursday, closing at \u00a37.71 ($10.08) a share. The firm said that its full year profits would […]<\/p>\n","protected":false},"author":42,"featured_media":62232,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,13,61],"tags":[],"acf":[],"yoast_head":"\n
Playtech Shares Plunge Following Profit Warning<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n