Shuffle Master To Buy Ongame Poker NetworkU.S. Gaming Supplier To Pay Up To €29.5 Million For Network Once Worth Almost €500 Million |
|
Shuffle Master, the maker of automated card shufflers and Nevada gaming license applicant, today agreed to buy the Ongame Network from bwin.party for up to €29.5 million (US$39 million).
The Ongame Network, which is home to over 25 poker rooms including big name bookmaking brands in Europe such as Betfair, Unibet Italy, and Sportingbet, was purchased by bwin (then known as betandwin) in 2005 for almost €500 million.
The move, mooted for weeks, comes after Nevada’s International Game Technology bought Sweden’s Entraction network for €70 million last year.
Gavin Isaacs, chief executive officer of Shuffle Master, said "Our acquisition of Ongame will allow Shuffle Master to offer a scalable, proven and secure solution for online poker.
“Immediately upon closing the transaction, we will be able to begin leveraging all of Ongame’s experience and expertise in iGaming.
“I am confident that Ongame will fit seamlessly into our ongoing interactive initiatives of delivering our renowned brands to online gaming operators, partner web sites, social networks and mobile platforms.
“Poker is a natural fit for our table-centric online offerings and our many jurisdictional licenses present a compelling opportunity for our current and future online customers.”
Upon closing the deal (subject to regulatory approval) Shuffle Master will pay bwin.party an initial consideration of €19.5 million and up to another €10 million in cash within five years dependent upon legal, online poker starting up in the U.S..
News reports earlier this year also suggested bwin.party plans to sell off its payment processing business.
Analyst Daniel Stewart & Co said of the sale, “[It] now leaves BPTY [bwin.party] to focus on its existing platform and to further build business in the poker vertical either on a B2C or B2B basis.”
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
