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Playtech, who provides software for many online poker rooms, bingo games, and casinos, was founded in 1999. The IPO gained Playtech's founder, Teddy Sagi, $295 million. The company, based in the United Kingdom, floated early under the symbol PTEC in 2006 for around £550m. The flotation price was 257p. Their software is certified by BMM International, top consultants to various gambling and gaming regulators in Europe, Asia, and United States. Top websites like Golden Palace and BetFred use Playtech's software, as well as many other lesser known gambling entities. Mor Weizer is the current CPO of Playtech.
Various bingo sites are also powered by software from Playtech, most of which are members of the Bingoland network which share chat, games, and jackpots, and are generally only differentiated by their websites and graphics. However, some of the larger sites, like BetFred and Golden Palace, have enough business to sustain their own standalone population and have instead chosen to use a "Licensed Network" type model. These sites do not share players or games with the other, smaller sites, but still use software developed by Playtech.
Playtech software also powers iPoker, a group of online poker rooms who share software while offering different looks and feels to provide a unique playing experience at each separate website. Manchester United is developing a poker website through an agreement with BetFred, and their software is also being created by Playtech.
The company's stock fell over 40% in one day when the SAFE Port Act was passed in the United States, basically outlawing the transfer of funds from any US financial institution to a gambling website. The company, like all publicly traded gambling websites, has since closed its doors to all players from the United States. By February 2007, the company had recovered its losses and stood near its 52-week peak and continues to provide software and back-ends for various online gambling entities.