Vera&john Online Casino Departs Canadian Market
By Casinomeister, Last updated Dec 19, 2014
Acquisition by Toronto-based Intertain Group has an immediate impact on Canuck players
Canadian online punters have one less internet casino venue to visit following an advisory from the Vera&John Casino Friday, informing them that the company, recently acquired by the Toronto-based Intertain group as part of its acquisition deal with Dumarca Gaming, is withdrawing from the Canadian market.
The advisory assured Canadian players that despite the short notice, all current player-balances will be paid out in full, and any outstanding affiliate commissions will be paid as usual.
Back in October this year Vera&John owner Dumarca Gaming was sold to the Intertain group for a consideration of up to $126.1 million, made up of an initial cash payment of Euro 44.5 million and Euro 36.5 million in common shares, with additional earn-out provisions related to EBITDA.
At the time Intertain CEO John Kennedy Fitzgerald said that the acquisition provided immediate accretion and meaningful operating cash flow, along with access to the growing Nordic markets, adding:
"Furthermore, Vera&John has developed and owns a fully-integrated, proprietary software offering, giving us future flexibility with respect to our business. Vera&John also has a mobile platform, including a leading mobile casino, with 35 percent of their expected 2014 sales being generated through this growing medium".
Vera&John generated Euro 4.6 million of EBITDA on revenue of Euro 25.9 million in 2013, up 124 percent from the Euro 11.6 million topline it reported in 2012. The company is particularly strong in the Nordic region, from which it generates 75 percent of its sales.
Intertain is an online gaming company that offers casino, bingo and poker games using the InterCasino, InterPoker, Costa and other brands. The InterCasino and InterPoker gaming platform is supplied by NYX Gaming Group and its bingo offering operates off of the Dragonfish platform.
Online Casino News Courtesy of Infopowa
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