Playtech Share News (PTEC)

(Sharecast News) - Sports betting and gaming group GVC Holdings announced on Wednesday that it has signed an agreement with Playtech covering a new long-term commercial relationship between the two groups.The FTSE 100 firm said that under the agreement, which would run until 2025, Playtech would become a "key" products and services supplier to all GVC brands in both existing and new markets, significantly expanding its current relationship with the group.GVC, which has one of the largest online gaming businesses in the world, said that for the first time many of its brands would have access to "proven" content and services from Playtech, which it described as one of the world's leading suppliers.Playtech and GVC had also agreed to work together to integrate Playtech's products and services onto the GVC platform, so that they could be made available to the MGM-GVC joint venture, ROAR Digital.Under the terms of the agreement, GVC would have greater flexibility migrating Ladbrokes Coral to the group's in-house technology platform as well.Any acceleration of synergy phasing from previous guidance was primarily dependent on the timing of the migration of the Ladbrokes Coral technology platform, which GVC said would be determined in due course.In addition, the partnership would see an extension of the agreement for Playtech BGT Sports to supply Ladbrokes Coral with the software for its suite of self-service betting terminals throughout Great Britain, the Republic of Ireland, and Belgium."We are delighted that GVC has been able to agree a long-term relationship with Playtech," said GVC chief executive officer Kenneth Alexander."Even more of our customers will now be able to enjoy content from one of the world's leading suppliers of high quality gaming product. At the same time the added flexibility around migration of technology platforms enables us to accelerate the integration of Ladbrokes Coral."Mor Weizer, chief executive at Playtech, added that the company was "pleased" to have reached a new agreement with GVC, expanding on the successful partnership it had established with Ladbrokes Coral over the previous six years."This is testament to the strength of the Playtech proposition and we look forward to supporting GVC over the coming years," Weizer said.