Sportech announces $13m Playwin joint venture

18 January 2010

NEW DELHI: UK gaming giant Sportech is planning a joint venture with Playwin, offering the Indian market a range of sporting games.

Both firms are to invest £2m ($6.5m, €4.5m) in the as-year-unnamed business, which will be launched during spring 2010 and rolled out nationwide over the following three years.

Sportech and Playwin will each own a 50% stake in the unit.

Customers will be able to play predictions-based and fantasy games based around football, cricket and motor racing, the subcontinent's three most popular sports.

In a statement announcing the deal, Sportech also said it is planning other international deals, including one that is currently "under discussion".

The firm announced it had secured a £91m credit line with Lloyds TSB, a British bank, in December 2009.

Ian Penrose, the chief executive of Sportech, said: "India has a huge population with a long history of being committed sports fans, and Playwin is ideal as a partner as it is already India's premier gaming operator and enjoys significant brand strength."

In India, Playwin, owned by a subsidiary of the Essel Group, currently owns around 2,000 gaming terminals in retailers as well as offering online services.

The new venture is likely to be heavily promoted by Essel's top-rated Zee TV.

Amit Goenka, the chief executive of Playwin, said: "India is a sports-loving nation and there is a huge market for gaming.

"We aim to attract and target a significant number of sport lovers through this joint venture."

Data sourced from Hemscott/The Times; additional content by Warc staff