A strategic agreement with Greenwood Racing, Parx Casino owners, saw Playtech shares rise in reaction to the news. The gambling software developer believes that a collaboration with Pennsylvania-based Parx will benefit both companies and provide end-users with better gambling experiences.
According to MorWeizer, CEO of Playtech, an alliance with the Greenwood companies is a significant milestone for the software developer. Among the many feathers in Greenwood Gaming’s cap is Parx, regarded as a leading casino and racetrack operator in the Keystone State.
Parx has taken proactive measures to ensure success in its casino online operations, also operating in Michigan and New Jersey, under these states’ gambling regulations. The company is excited about its impending launch in Indiana, which was announced before the Playtech deal.
The deal between Playtech and Parx will see Greenwood companies having licenses to utilize Playtech products in Michigan, Indiana, New Jersey, and Michigan. This is to be accomplished by using Playtech’s Platform and Player Account Management (PAM). Until now, Playtech has operated in New Jersey but is eyeing a competitive market in neighboring states and seeking a stake in it.
After the success of its initial gambling offering in Pennsylvania, Parx is looking forward to moving its operations beyond state borders. Pennsylvania’s online gambling industry saw a gigantic surge during 2020 when many brick-and-mortar casinos had to shut due to coronavirus lockdowns and public health protocols. Having recently launched its online platform to much acclaim and with minimal challenges, Parx was ready to snap up a market of gamblers with an appetite for risk on the casino floor but not their physical health.
Share prices rise
Playtech shares saw a 2.11% rise in value when news of the agreement with Greenwood broke. This only substantiated what many forex trading experts have predicted: online gambling stocks will be a lucrative investment in 2021.
Stock trading has become a popular pastime for many people around the world. For others, it has become a necessity to supplement their income, many of which were affected by COVID-related job losses. Regardless of why they trade, successful traders are always looking for unexploited markets and companies who are making forays into them. The top 2021 stocks feature companies in interesting niches. Where travel, tourism, and entertainment were thought to be risky in light of COVID-19, pundits expect a strong surge once pandemic regulations fall away.