Playtech Extends Ontario Deal with NorthStar and Provides Financing Boost
Playtech has prolonged its strategic partnership between Playtech Software Limited and NorthStar Ontario, a subsidiary of NorthStar Gaming Holdings, by agreeing to advance CA$3.0 million (£1.8m/€2.1m/US$2.2m) in short-term financing to the latter.
The strategic marketing agreement, initially signed in June of the previous year, aims to expedite NorthStar's player acquisition strategy in Ontario. The initial agreement led to Playtech Software contributing services valued at $4.0 million, which NorthStar credits as a significant driver of its growth in the Canadian province throughout 2023.
Under the renewed deal, Playtech Software will continue to provide similar marketing services in Ontario, valued at up to $4.0 million, running until 31 October of the current year. Playtech Software will be compensated through a share of revenue generated from the marketing initiatives to which it contributes.
Additionally, NorthStar has issued a $3.0 million unsecured, interest-bearing promissory note to Playtech, carrying an interest rate of 8.0% per annum, payable in arrears at maturity. The proceeds from the note will support NorthStar's ongoing growth strategy and general corporate purposes.
NorthStar's chair and CEO, Michael Moskowitz, expressed satisfaction with the strengthened relationship with Playtech, emphasizing Playtech's crucial role in customer acquisition, enhancing the online gaming experience, and expanding the brand in Ontario and across Canada.
Playtech's support for NorthStar extends beyond the recent marketing agreement. Prior to this, Playtech made a $12.25 million strategic investment in the Ontario-based online casino and sportsbook. This investment was converted into equity and warrants related to NorthStar's acquisition of Baden Resources Inc., in which Playtech holds around 16% of the total issued and outstanding common shares, with warrants allowing it to increase its stake to over 20%.
Moreover, Chris McGinnis, Playtech's chief financial officer, joined NorthStar's board of directors following the investment.
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The gaming industry in Ontario is heating up, and Playtech and NorthStar are at the forefront of the action! This renewed deal and financing boost underscore their commitment to innovation and growth. Exciting times ahead for gamers in the region!
Kudos to Playtech for their ongoing support of NorthStar's ambitious endeavors. With this financing in place, NorthStar is well-positioned to thrive in Ontario's gaming landscape. Here's to more fruitful collaborations in the future!
Impressive strategic moves from Playtech and NorthStar! This financing injection shows they mean business in expanding their presence in Ontario and beyond. Can't wait to see the results of their continued collaboration.
Exciting to see Playtech doubling down on their partnership with NorthStar! With this renewed deal and financing boost, it's clear they're committed to driving growth and success in Ontario's gaming market.