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Goodbye to Playwize

So long and farewell to Playwize, an online casino software provider that had a strong product but unfortunately few gambling sites looking for the Playwize platform. The company’s strengths mostly lied within the US internet gambling industry – but with the US’s ban on offshore online casinos accessing the US market, Playwize is just another site to become a casualty of the US ban. Playwize stopped trading on the stock market and announcements and press releases from the company indicate that Playwize is looking to sell off any of the company’s existing assets and firmly exit the online gambling industry.

The US ban on offshore online casinos (which then also affects the software development and provider companies servicing these gambling sites) caused Playwize to lose vital revenue streams. The company has been in significant debt over the past two years since the withdrawal from the US and the debt only continued to mount as the company and its subsidiaries were unable to generate enough interest in the product and revenue to cover the costs.

The online casino software provider had dismal trading results over the past year and adding that to the other problems, the company is not only no longer trading, but has asked shareholders to authorize the sale of the companies main asset – the gaming platform – in an effort to pay off creditors that are knocking on the door. There is no word yet on which way the creditors will decide, but there is little doubt in the online casino gambling industry that Playwize is a company of the past and on its way out the door.