Safecharge in major online bingo deal

Playtech major shareholder Teddy Sagi’s sally into the online payments solution sector through his SafeCharge plc enterprise (see previous reports) continued to prosper this week with the announcement that the company has been signed to provide services to the Sun newspaper’s gaming brands, SunBingo and Fabulous Bingo.

The arrangement with the Sun’s brands will see Safecharge provide a unique platform-agnostic solution based on Safecharge’s personalised cashier, alongside the company’s card-acquiring facilities and proprietary fraud prevention platform.

Safecharge will also be providing descoping of the Sun’s PCI DSS (Payment Card Industry Data Security Standards) liability. This relates to the need for all merchants to store the payment details of all customers securely. DE scoping means that merchants can securely migrate and store all credit card numbers in Safecharge’s own vault.

The company also posted its latest (H1-2016) results, reporting that revenues are up 5 percent year-on-year at $52.2 million, with adjusted EBITDA up 10 percent to $16.8 million.

David Avgi, chief executive at SafeCharge, said the company’s acquiring services operation was performing ahead of expectations since launch last September, with more than 10 percent of group transactions processed through its own platform in June 2016.

Processing volumes for the entire business hit $4 billion, up from $3.3 billion in the same period the year previously, he revealed.

Prominent companies that have signed with SafeCharge over the H1-2016 period include Paddy Power Betfair and SB Tech.