• Playtech has confirmed the sale of its B2C business in Germany
• The Happybet brand is being acquired by pferdwetten’s subsidiary, NetX Betting
• Customary closing conditions need to be met before the deal can be finalized

Playtech has sharpened its focus on the B2B vertical with the company announcing the sale-off of a major B2C asset in the German market – Happybet.

Playtech pulls the plug on B2C business in Germany

The company has reached an agreement with pferdwetten.de AG, whose subsidiary, NetX Betting, will be buying out the popular German-facing brand and further sever any remaining connections between Playtech and the B2C sector.

Playtech similarly dropped another asset over half a year ago, agreeing to sell Snaitech in Italy to Flutter Entertainment for €2.3bn.

The deal was wrapped up recently, bringing a threefold return on investment to the seller. Playtech similarly shuttered the Happybet business in Austria last year, paving the way for the German market exit.

The sale of Happpybet is not yet finalized and still subject to customary closing conditions, as well as regulatory approvals, with the buyer now entering a period during which it should ascertain and obtain all necessary permits to wrap up the deal.

Playtech is confident in its new chosen strategy

"There will now be a transition period to allow pferdewetten.de to negotiate with the relevant franchise partners and for the relevant regulatory approvals to be sought from the competent authorities in Germany. It is intended that any remaining Happybet assets not transferred to, or assumed by, pferdewetten.de will cease operations and, where relevant, will be wound up," Playtech noted in a statement.

Any assets that are not bought out by pferdwetten.de in the ensuing deal will be shuttered, Playtech confirmed. Happybet will be sold along with 600 hardware units, which include POS and betting terminals. The buyer may acquire those units or prefer to replace them.

Image credit: Unsplash.com