Broker snap: Smooth Finnish deal for Playtech

20th May 2010 12:46

KBC Peel Hunt has reiterated its 'buy' recommendation for Playtech after the online games developer announced another deal with a state operator, in this case Finnish state gaming operator RAY."RAY was established over 70 years ago and we understand that the tender process was extremely rigorous. Therefore, Playtech's success is a major boost and confirmation of the quality of the group's product proposition," KBC analyst Nick Batram. "Developing relationships with state operators is a key part of Playtech's stated strategy and bodes well in newly regulated markets," Batram added.Though the hook up with the Finnish firm is not financially transformational KBC anticipates that it will add more than €3m to revenues, while the quality of the licensee will act as a seal of approval for Playtech's offering.