Playtech, a leading live casino software supplier, has requested a ruling from the British judiciary system in a dispute between it and its joint venture with Mexico's Caliplay. The supplier seeks clarification if Caliplay retains the right to acquire the supplementary service fee in their strategic accord.
The deal requires Caliplay to pay Playtech when the option was exercised after a mutual agreement. In case of disagreement, a third-party investment bank could determine the payment by assessing Playtech's entitlement to the additional service fee until December 2034.
For six months up to June 30, 2022, Playtech reported that the service fee was €34.4m (£30.8m/$37.1m). This was higher than the €22.3m for the same period a year before. The company also noted that the business had continued to do well.
Playtech declared that the option can be exercised in a 45-day period after the approval of Caliplay's financial accounts for up to December 31, 2021.
In September 2022, Playtech announced the option's expiration in its interim report for the 6-month period ending on June 30, 2022. Despite that, Caliplay has not yet decided to use the option. The company has clarified that it does not believe the option has expired, leading to Playtech seeking legal clarification.
The Mexican online live casino accused Playtech of "filing the court claim without warning" despite both companies' commitment to seeking a mutual resolution. Caliplay says that Playtech already knows the operator's stand that the option is still active. The operator reaffirms that it challenged Playtech's announcement of September 22, 2022, on December 23, 2022.
"This (court) claim was filed without warning and despite both sides being currently engaged in a mutually agreed resolution process. Contrary to Playtech's announcement, Caliplay is not aware that any claim has been issued against it by Playtech, as opposed to its subsidiary, Playtech Malta. Caliplay remains keen to resolve this matter swiftly and is committed to the ongoing discussions," the statement reads.