For the past few months Betfair, a top online casino company, has been trying to acquire Poker Champs Online Casino. Last week, the two parties have finally announced that an agreement has been reached. According to the terms of the agreement, Betfair now owns both Poker Champs and their subsidiary online casino software company called Aglet. The timing of the purchase is a bit peculiar given that Betfair has recently renewed its licensing agreement with CryptoLogic, one of the online casinos industry's leading software developers.
Under the agreement signed with CryptoLogic, Betfair is obligated to keep using their software for at least another year. Betfair latest move signals that the company is interested to keep the development of their brand of online casino software in-house, once their agreement with CryptoLogic expires next year. Steve Ives, Director of Betfair Games explains the company's decision, "We are delighted to have acquired a top class team of online casino software developers at Aglet and, in addition, a unique and popular poker platform".
Ives also commented on the future collaboration saying, "The new team will be helping us develop both our own poker products and a unique, integrated online casino games platform". Discussing Betfair's acquisition Kevin Mikkelsen, Aglet's CEO said, "As online casino software developers we are thrilled to be part of a company that represents the finest in technology driven business and product development". To Betfair's disappointment, the announcement did nothing to solidify the value of Betfair, which has seen its share of lows recently.
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