ITALIAN COUP FOR BWIN
11 September 2009
Deal agreed with major Italian online
gambling group
Vienna-listed online gambling group Bwin has scored a
major coup and some formidable positioning in the
Italian market following an agreement to acquire the
Italian group Gioco Digitale. With hopes high for an
imminent and positive regulatory system in Italy the
agreement is especially valuable and significant.
Closely held Gioco boasts it is Italy's first
independent online gaming site and offers mainly poker,
betting and skill games, but there is clearly good
potential for expansion into other genres under the Bwin
banner.
A timeframe for the takeover has yet to
published, and the terms of the deal have not been
disclosed, although some idea of value can be deduced
from a report in the Italian newspaper Finanza & Mercati,
which said said last week that an investor had bought 10
percent of Gioco for more than Euros 2 million. This
fits with previous estimates of around Euro 90 to 100
million.
Industry observers say that the
burgeoning Italian market is ripe for the sor of
consolidation tha the Bwin deal represents.
Gibraltar-based Party Gaming recently acquired an online
poker operator, while 888 has said it is close to buying
an as yet unidentified asset.
A recently passed
law due to be enacted this autumn (see previous InfoPowa
reports), means that poker cash games and other games of
chance will be permitted in Italy in addition to sports
betting and online poker tournaments, raising the
profile of the market.
According to the Bwin
announcement, the boards of both companies and its
shareholders have agreed on principle terms for the
acquisition of 100 percent of Gioco Digitale, but did
state that although the acquisition was progressing,
there could be no certainty that a final binding
agreement on the transaction will be reached.
Online Casino News Courtesy of
Infopowa
More news here.
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