28th May 2025 10:22
(Alliance News) - Playtech PLC on Wednesday said it has struck an agreement to exit its Happybet online gambling and retail betting unit in Germany.
The gambling software company had closed the Austrian Happybet business in the second half of 2024 and in March of this year, said it kicked off a process to sell the remainder of the unit in Germany.
The move was in line with its aim to sharpen its focus as a "predominantly pure-play business-to-business operator".
It has now struck a deal with NetX Betting Ltd, a subsidiary of Frankfurt-listed betting group pferdewetten.de AG.
Dusseldorf-based pferdewetten.de will have the chance to contact franchise partners of Happybet shops in Germany.
"As part of this agreement, pferdewetten.de will also assume ownership of certain associated hardware," Playtech added.
"There will now be a transition period to allow pferdewetten.de to negotiate with the relevant franchise partners and for the relevant regulatory approvals to be sought from the competent authorities in Germany. It is intended that any remaining Happybet assets not transferred to, or assumed by, pferdewetten.de will cease operations and, where relevant, will be wound up."
Playtech shares fell 0.8% to 319.85 pence each in London on Wednesday morning.
At the end of last month, Playtech completed the sale of Snaitech Spa to Flutter Entertainment PLC for EUR2.30 billion.
The Isle of Man-based firm said the completion of the deal allowed it to focus on its technology-led offering in high-growth business-to-business gambling markets.
It had agreed terms for the sale of the Italian betting operation to Paddy Power owner Flutter back in September.
By Eric Cunha, Alliance News news editor
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