Playtech announced changes to the board committees. The existing Risk and Compliance Committee will merge into the Audit Committee.
Ian Penrose will chair the Audit and Risk Committee, created by this partial merger. Penrose, a senior non-executive independent director who has been on Playtech’s board since 2018, is a member of the Playtech Board.
Samy Reeb and Linda Marston Weston, who are both ordinary members of Penrose’s board, will also join the company.
The compliance component of the current risk and compliance group will be incorporated into a brand new committee. Playtech announced that this committee will be called the regulatory and Compliance Committee.
Reeb, Penrose, and Anna Massion (another non-executive Director) will be ordinary members.
The changes will take effect on 1 June. The reshuffle will not affect any other Playtech committees.
Playtech celebrates America’s B2B Growth
This announcement was made just days after Playtech released a trading report for the first quarter of this year. Playtech reported a “solid performance” in both B2B segments and B2C.
Playtech cited revenue growth for B2B in the regulated market, primarily led by North America and Canada. Playtech also stated that it continued to enjoy the benefits of tighter control over costs and “rapid growth” on the live market.
Snaitech is a B2C company that focuses on Italy. It has performed very well, according to the group. Group also said that wagers were strong across online and retail betting segments.
There is still uncertainty about Caliplay.
Caliplay’s ongoing legal dispute was also discussed in the publication. Caliplay, a joint venture between Playtech and Mexico’s Caliente operator, is trying to terminate its legal relationship.
Both parties have been in dispute over certain fees for more than a year. Caliplay then filed a lawsuit in October of last year to end its partnership with Playtech.
Playtech responded by laying out the steps it would take to settle the conflict. Playtech also stated that Caliplay’s actions in Mexican courts were in violation of contractual agreements made in 2014.
Playtech announced its results for the full year in March. It then made further claims in respect of Caliplay’s unpaid fees. Playtech made additional claims in relation to unpaid fees against Caliplay.
Playtech is confident that it can see the revenue generated by Caliplay. Caliplay also continues to do well. Caliplay has not provided Playtech with full financial data during this period.
The revenue generated by the B2B service element is based in part on an estimate. It also takes into account previous trends and the information that was provided.
Playtech, however, also used the occasion to remind Caliplay that it is “a highly important customer”, and to continue to keep an open dialog to explore a way forward.
