As part of the deal, Playtech will provide Paddy Power with casino services, which include slots, card games, table games and other branded content.
Paddy Power's Casino Manager Denise Dunne and Head of Gaming Christopher Coyne issued a statement saying:
"We are excited to announce the launch of Paddy Power's new casino using Playtech's technology.
"We believe it will be best-in-class with an abundance of excellent games added to our market leading casino promotions for players. Playtech was chosen following a rigorous selection process from amongst the leading casino suppliers. The project teams have delivered a fantastic online casino which we believe will significantly enhance our online offering."
Playtech Chief Executive Mor Weizer said, "We have built a strong relationship with Paddy Power over several years and are delighted to be able to further consolidate our service provision to one of the industry's leading players through this agreement to provide our leading casino technology."
Paddy Power and Playtech have a business relationship that is currently in its fourth year. The two companies began doing business when Paddy Power joined Playtech's iPoker Network in 2007. More recently the two companies teamed up as Paddy Power joined the Virtue Fusion Bingo Network.
Currently Paddy Power has a strong presence in Europe and the United Kingdom, where 75% of its profits are made. The company provides poker, bingo, casino, and sports betting services.