Playtech has finally parted way with their broker after facing many obstacles with them. The broker, Deutsche Bank resigned its position as Playtech’s broker, and as a result, Playtech will not be joining London’s main stock market.
Not surprising that what happened next is that stocks took a hit, and tumbled down to 13p at 239p. Playtech released a statement, saying “with immediate effect Collins Stewart Europe Limited is the Company’s sole broker and NOMAD.” It looks like Playtech is trying to regain their composure while they have some heat on them.
A source at Deutsche Bank told the Telegraph that there has been no fight, and that Playtech and them grew apart. After a little more investigating, it was realized that since the summer when Mumtaz Naseem left, relations have soured. When Mumtaz Naseem left, there was a signal of sorts that projected onto the market, and the market felt uncertainty over the continuation of the company.
Playtech will hopefully recover from this partnership that went south. As long as they still have a broker that they can work with, they should be fine. Despite this setback, Playtech is still a successful, regularly releasing new games, and being innovative