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Playtech directors buy in on US regulatory approval

The gambling technology company recently incurred the wrath of shareholders over its executive remuneration
June 3, 2020

Playtech’s (PTEC) chief executive Mor Weizer and the chief executive of subsidiary Snaitech, Fabio Schiavolin, added to their personal stakes in the gambling technology company on the same day that it announced that it had received the green light from authorities to offer its casino product to the New Jersey market.

IC TIP: Hold at 299p

Playtech, which provides software for gambling companies, will soon launch in the state with bet365 and the Hard Rock Atlantic City casino. It aims to support other New Jersey operators and is also seeking regulatory clearance in other US states.

“The US is a highly strategic market for Playtech and we see significant demand for the full breadth of our product offering,” said Mr Weizer. “This is the first step for Playtech in the US and we are very excited about the long-term opportunity."  Playtech's shares closed over 5 per cent up after the announcement. 

The chief executive acquired £52,820 in Playtech shares on 1 June. Snaitech chief, Fabio Schiavolin, meanwhile, bought £143,5000 worth of shares. Playtech acquired a 70 per cent stake in Italian betting outfit Snaitech in 2018 for €864m (£769.5m). 

Mr Weizer’s purchase may go some way towards allaying the concerns of Playtech shareholders who voted down its remuneration report in a symbolic vote at its annual general meeting last month. Playtech declined to comment on the dealings.

Peel Hunt forecasts full-year 2020 adjusted pre-tax profits of €61.8m and earnings per share of 16.5¢, rising to €131.3m and 34.7¢ in 2021.

Buys      
CompanyDirector/PDMRDateNo. of sharesPrice (p)Aggregate value (£)Comments
Morgan SindallDavid Lowden27 May 204,0001,24449,754

Purchased by PCA Michele Lowden

PZ CussonsCaroline Silver27 May 2012,500175.421,925 
AJ BellMohamed Tagari27 May 205,229380.419,891 
IWGMark Dixon (ceo)28 May 2038,205,38423991,310,868 
Horizon DiscoveryIan Gilham28 May 2025,00010125,250 
Horizon DiscoveryGrahame Cook28 May 2079,85010180,649 
ICG Longbow-SeniorPaul Meader29 May 2038,0007327,740 
easyJetMoya Greene29 May 207,032710.9949,997 
InterContinental HotelsArthur de Haast29 May 201,0004,00040,000 
PlaytechMor Weizer (ceo)1 Jun 2019,00027852,820 
PlaytechFabio Schiavolin1 Jun 2050,000287143,000 
Sells      
CompanyDirector/PDMRDateNo. of sharesPrice (p)Aggregate value (£)Comments
Ten EntertainmentGraham Blackwell28 May 204,0701706,919 
Ten EntertainmentGraham Blackwell28 May 204,3831697,407 
Ten EntertainmentGraham Blackwell28 May 207,219162.111,702 
Ten EntertainmentGraham Blackwell28 May 2022,43416136,119 
Ten EntertainmentGraham Blackwell28 May 204,105160.996,609