Playtech buys online bingo firm Eyecon in £50m. deal

Playtech has bought Eyecon, which started its operations in Guernsey in 2013 and established its head office in the island two years later.

Eyecon was founded in Australia in 1997 and has a particular focus on bingo audiences. It is licensed in the UK and in Alderney and has a games portfolio of more than 70 titles.

It has its own remote gaming server which enables it to distribute content direct to operators and distributors and its games achieve more than 6bn spins each year.

The sale is seen as part of Playtech's strategy to acquire bolt-on technology and content in key gaming markets. £25m. in cash has been paid up front and another £25m. is payable on an 'earn-out' basis – if the business hits key targets – over the next three years.

Scott Murray, the founder of Eyecon, has committed to remain with the business for at least three years.

He said: 'I am delighted that Eyecon will be joining the Playtech family.

'Integrating Eyecon's specialist games and software with Playtech's distribution power will allow us to penetrate new markets and retain our standard of best in class content.

'I would like to express my gratitude to the many talented people who have worked so hard over the last 20 years to make Eyecon a success.

'We look forward to building upon Eyecon's reputation for delivering gaming excellence and taking the next step in development with Playtech.'