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Poker News

Online Poker operator bought by Las Vegas firm

Written By: PokerNet.com | March 13, 2012 | Posted In Poker News

A reputable Las Vegas-based casino supplier known as Shuffle Master Inc. has stated this last Monday that it intends to purchase an online poker operator, Ongame Network Ltd. This service is currently withbwin.party  Services GmbH, but is set to change hands to the Las Vegas firm for an estimated $25.7 million US.

The original service, Ongame, is based in Gibraltar and considered one of the largest business-to-business operators within the online poker industry. It reports that is has the capacity and history of reaching over 20 million customers internationally within more than 25 different markets and sections of each market. Ongame has also stated that it has an international license that allows it the opportunity to participate within regional network such as France and Italy and all their associated cities. This network license is however within Gibraltar but does not affect their business dealings.

The operator has maintained its presence in the industry, through various methods of connecting with the customers. It has a number of online and mobile poker applications, able to reach customers regardless of their locations. As well as this, it has been working within the online gaming industry with other reputable names, such as bwin, Unibet, Betfair, Sportingbet, Betsson, Betsafe, EurosportBet, Paf, Bet24 and also GiovoDigitale.

The recent purchase of the operator by Shuffle Master Inc  is said to help the firm to become more consistent with its plans to be a business-tobusiness online gaming provider and allow it to be regulated by the markets. This would prevent it from having to exclusively serve online gamblers directly.

Current situations show that serving online gamblers directly would place Shuffle Master into competition with a number of other businesses which are more established and have already created bricks-and-mortar casino customers; where by the move to online gaming would become sketchy.

The purchase of the business could include and additional $13.2 million if a legalization of real money online poker be established within next 5 years within the United states, allowing much more freedom for both.

“Poker is a natural fit for our table-centric online offerings and our many jurisdictional licenses present a compelling opportunity for our current and future online customers,” CEO Gavin Isaacs issued in a statement.

“We are very focused on creating greater value for our current and future customers and, as a result, our objective is to make Ongame the most comprehensive and competitive poker engine in the marketplace,” added Louis Castle, the Chief Strategy Officer.

Shuffle Master Inc has also reported on Monday that they had achieved a higher profit from the first Fiscal Quarter of 2012, which ended on January 31.

The company currently sells and leases Casino equipment used in the everyday gambling operators of casinos, such as card machines and electronic gaming machines, and stated that revenue within the quarter reached $56 million, up from $43.8 million the previous year. The share price was also increased from 9 cents to 14 cents, from the same quarter in 2011.

Source: Vegas Inc

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