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PADDY POWER ACQUIRES CAYETANO

Wednesday, November 16, 2011 :  A natural extension to evolving product mix
 
Paddy Power plc has acquired Bulgarian games developer CT Networks Limited (Cayetano) for an undisclosed "capped" consideration that will be determined primarily by the firm’s performance over the next few years.
 
Cayetano, headquartered in the Isle of Man, specialises in games development for the online and mobile gaming markets utilising its Bulgarian-situated team of software developers and designers.
 
Patrick Kennedy, chief executive, Paddy Power plc, said: “Cayetano is one of the best developers of its kind in the egaming sector and its acquisition will provide Paddy Power with a compelling range of online gaming products as well as a new internal source of gaming development expertise.
 
"Paddy Power has built strong in-house IT and product development capability, with our proprietary sports betting models a great example of that success. Cayetano is a natural extension of this existing capability, reflecting Paddy Power’s evolving product mix.”
 
Nick Maughan, chief executive officer, Cayetano, added: “This is a great step for Cayetano and its team. We’re all excited at the prospect of being part of Paddy Power, a business whose success in this market has been built on an exceptional understanding of online customers and product trends.”
 
Cayetano’s founding shareholders and management team will remain with the company.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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