Online gambling giant PartyGaming enjoyed a rise in the company's shares yesterday, after a licensing agreement with software provider Playtech was announced.
The new four-year deal could lead to further cooperation between the two leading companies. Playtech will supply software for gaming websites that PartyGaming agreed to purchase for $72 million in shares from Empire Online and InterContinental Online. The deal will be finalized only when the acquisition of the websites, which include MagicBoxCasino, FairPoker, Noble Poker and others, are completed.
PartyGaming suffered a fall in its stock value after a law which virtually bans online gambling in the U.S. came into effect in October. Most of the company's revenue, about 75 percent, came from the American market. PartyGaming is now focusing on Europe and Asia and has been examining the possibility of entering the Chinese market.
Playtech has in fact already signed a milestone five-year agreement with China's leading gaming group Sino Strategic International in December and will provide software for various games for the Chinese market.
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