Management

Playtech proposes relocation of tax residency to UK

| By Robert Fletcher
Gaming solutions giant Playtech has revealed plans to relocate its tax residency from the Isle of Man to the UK early next year.

Playtech was incorporated and tax registered in the Isle of Man and is currently headquartered in the self-governing British Crown dependency.

However, the board has put forward a proposal to move onto the mainland UK in early 2021, saying there would be an overall benefit to the business.

The move would allow the business to host board meetings and make board decisions in the UK, as well as hold shareholder meetings in the country. This, it said, would help encourage greater shareholder participation.

The new proposal will be discussed at a general meeting in the Isle of Man on 18 December.

Meanwhile, Playtech has agreed a new deal with Casumo to launch its casino and live dealer software with the operator in Sweden, Denmark, Spain and the UK.

Playtech’s content will initially be rolled out with the Casumo brand, before being extended to other brands in the portfolio – including Dunder, Kazoom Casino and CasinoSecret – in early 2021.

The deal will cover Playtech’s full line-up of branded content including Justice League and the Sporting Legends Suite, as well as Playtech’s premium live casino and table games portfolio. 

“Having collaborated with Playtech for many years, I could not be more delighted to be a partner once again and deliver this new integration across our group of brands,” Casumo chief executive Shelly Suter-Hadad said.

Playtech chief operating officer Shimon Akad added: “Casumo is one of the most innovative operators in our industry and a key player in the new world of gaming.

“I am positive that Playtech content will be very popular with Casumo players and we look forward to developing this partnership further in the coming months and years.”

In September, Playtech reported a 22.5% year-on-year decline in revenue for the first half of 2020, after a strong start to the period was halted by the impact of novel coronavirus (Covid-19) on B2B and B2C operations.

Revenue for the six months to 30 June declined to €564.0m (£505.6m/$674.7m), as a strong performance from its financials division TradeTech was unable to offset a 13.5% drop in B2B revenue, and a 41.0% drop in B2C’s contribution.

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