Playtech Limited, the internet gambling software provider and supplier has announced that it has signed a memorandum of understanding for its plan to buy numerous assets as a part of its plan in expanding its business to reach the social gaming community. It has also been reported that Playtech Limited has specified a budget of an outstanding 95 million euros for purchasing the assets that are owned by Teddy Sagi, the Israeli billionaire. Teddy Sagi is an important pillar in the company as he has helped it to reach its position and he is also the shareholder of 48 % of the company. Both parties are reported to have reached an agreement on a memorandum of understanding which is not obligatory to both sides concerning the acquisition of Playtech on the social media assets that has Teddy Sagi beneficially interested.
It has also been stated by the software provider that the deal they have will have various social games. These gaming products will allow the players to interact and hold titles on the internet by buying virtual currency to become better in the game. An example of this virtual credit is the Facebook credits. Besides that, the deal involves the encompassing of real cash products such as cell phone poker software and casinos.
This is not the only memorandum that Playtech Limited has signed while pursuing its goal. Playtech announced that it has yet signed another memorandum to spend 10.5 million pound to rent or completely buy an office space in England, London. This office space is currently owned by Gaming Technology Solutions, which also has Teddy Sagi as an investor. Another firm that is also owned by Teddy Sagi is on the target list of Playtech, as it is planning to go ahead with its payments in order to buy PT Turkey Services. All of the above came as a result of the upcoming legalization of the online gambling markets as more relaxed and easy gambling laws are being issued across the world. This led to the need of expanding to satisfy international and global markets’ gaming needs.