Online Casino Millionaires to Sell On Game
Speculation from industry analysts has continued following reports of a possible merger between online casino firms Bet and Win and On Game. A report by UK daily the Independent has revealed the nature of the deal and the benefits the founders of online casino On Game stand to reap if the deal goes ahead. News of the deal between the online casino firms has sidelined On Game’s previous intentions of floating on the London Stock Exchange.
The company, founded in 1999 by Claes Lidell and Oskar Hornell of Sweden, was established as an online casino and online poker venture. Lidell currently owns 28 percent of On Game. If the online casino deal is successful, he stands to make 132 million Euros, 79 million of which are in cash. The Hornell family – comprised of Oskar, two siblings and his father – own 53 percent of online casino shares. This means a potential 251 million Euro for the family. Under the agreement’s terms, 151 million Euros will be awarded in cash.
Another stakeholder in the company, former chairman Bo Johnson, is also a main beneficiary in the online casino deal. Owning 15 percent of the company, Johnson could make 71 million Euro in cash and shares if the deal goes through. The remaining four percent of On Game shares are owned by both current and former staff. While little is known about the effect a takeover could have on the current structure of the online casino, Bet and Win has confirmed that On Game would retain its chief executive Patrik Selin, who will lead the management team for a further year.