‘Playtech Live Moves to UK Tax Residency & Live Casino Now Available on Casumo’ (image source: https://assets.playtech.com/application/files/2015/1903/5153/news-placeholder-large.jpg?version=1604400452)
This week was a busy one for the Estonian born casino software giant founded in 1999 by Teddy Sagi–Playtech. The now London stock exchange-listed, and currently Isle of Man registered firm, just announced switches to UK tax systems while also extending its live dealer platform’s reach in a significant deal with an online casino that boasts a global member base and multiple iGaming awards!
As of 2021, Playtech’s tax residency will switch from the Isle of Man to the UK, which is significant news for the UK government in the face of the current pandemic. The government needs new tax bases and Playtech is the perfect firm as it turns over billion in UK sterling every year. Playtech first registered the company on the Isle of Man for financial reasons; however, now the UK has more appeal.
Along with reports of a switch to UK tax residency, Playtech has more good news which focuses on increased exposure for the Playtech live casino platform which is in cahoots with GVC Holdings which is also listed on the London Stock Exchange and has UK tax residency. The firm’s live casino games will now become accessible across the globe in a deal made with Casumo Casino.
A move to the UK gives Playtech higher growth potential
Good news for fans of the Playtech live dealer studio because the move to the UK which presumably would mean the firm accumulates higher tax rates is actually one that will benefit the company. For one, shareholder meetings will take place on UK soil which in theory will encourage shareholder investment. It will also pave the way for Playtech management to make business decisions as well as hold board meetings within the UK. Since this latest announcement, Playtech shares continue to increase.
After the company’s sports betting and live casino operations took a huge hit after recent events crashing from close to £405 at the beginning of the year down to a yearly low of £140 in March 2020, the share prices are now up to £396 which is the highest since mid-January 2020. Entering the UK market and registering with Companies House, Playtech has its sights firmly on increasing its share prices and shareholder investment. The move should also bring UK players closer to the Playtech brand, as British casino players tend to support home bred companies.
Playtech live casino games now available at Casumo Casino
Casumo casino falls under the wing of Maltese operator Casumo Services Limited. The casino brand itself was established in 2012.
It is popular in South Africa, Canada, and New Zealand where citizens are happy with the Malta Gaming Authority (MGA) license while the casino also holds Swedish Gambling Authority (SGA) and Danish Gambling Authority (DGA) licenses. The casino also picked up a casino license in the UK under the provision of the UK Gambling Commission (UKGC).
Playtech also registered a formidable year of growth within its live casino gaming section with the introduction of several new games. The most recent of which was the release of its ‘Adventures Beyond Wonderland’ wheel of fortune game based on the ‘Wonderspins’ online slot title.