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UK's Playtech expands online trading with Ava Trade buy

Reuters - UK Focus

July 1 (Reuters) - Playtech Plc (LSE: PTEC.L - news) , founded by Israeli billionaire Teddy Sagi, said it had agreed to buy online derivatives broker Ava Trade for $105 million to expand its online trading platform.

Playtech, which provides software used in sports betting and online casino games, is aiming to carve a niche in currency trading using its technology, as the gambling industry comes under pressure from higher taxes and tougher regulation.

Playtech said on Wednesday the acquisition was undertaken through its subsidiary, TradeFX, which it acquired in early April.

TradeFX is a trading platform and payment services provider, while Ava Trade is a contract-for-difference (CFD) broker.

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CFDs allow a buyer to trade on movements in a market price without actually owning the underlying asset.

Playtech's shares were up 1.5 percent at 830.5 pence at 1340 GMT on the London Stock Exchange (Other OTC: LDNXF - news) . (Reporting by Roshni Menon and Aastha Agnihotri in Bengaluru; Editing by Maju Samuel)