Online Casino Group Purchases On Game
The recent deal between online casino group Bet and Win and Swedish online casino poker site On Game has been finalized. The Austrian online casino group has purchased On Game for $611 million U.S. dollars, giving its Swedish owners millions in profits. Details of the acquisition include Bet and Win’s pledge to pay 5.37 times the amount of the total gross gaming revenues made by the online casino poker site in 2005.
40 percent of this amount will be awarded in shares, with the remaining 60 percent to be made in two separate cash payments. Bet and Win sold thousands of its own shares valued at 269 million euros in order to fund the first cash payment to the online casino poker firm. A further 3.1 million new Bet and Win shares have been created to pay for the online casino poker firm’s share deal.
Bet and Win has been eager to step into the online casino poker market, following the success of other casino groups and sports betting sites that have made recent poker acquisitions. Bet and Win’s company statement on the deal concluded that all conditions precedent to the acquisition, including approval by the supervisory and management boards of Bet and Win, has been satisfied. No doubt online casino poker fans will be watching closely to see how the deal will affect current poker happenings at On Game’s website.