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Seattle angel investor scores from IGT acquisition of social casino product
 
The $500 million dollar deal that saw IGT take over Double Down Interactive earlier this year brought with it a serious return on investment for Seattle angel investor Ron Erickson, reports the publication Xconomy.
 
"The Double Down saga was one of those fascinating hit-it-big entrepreneur tales," the publication observes in its interview with Erickson, a technology entrepreneur and investor who has experienced the peaks and valleys of investment in start-ups like Double Down.
 
Erickson was cagey about how much he put into the company, but Xconomy claims it was less than a million dollars - the amount spent on developing the company's first commercial offering. And Erickson admits that the DD investment has given him the most significant return of all his endeavours.
 
Cooper DuBois and Scott Wilburn, the co-founders of DD with Greg Enell already knew Erickson from previous enterprises in which they had come together, so when they approached the investor with their DD ambitions he listened carefully then wrote out a check to augment the profits the two founders were putting into the new business.
 
The company's first blackjack game for Facebook launched in the spring of 2010, and Double Down started earning money on it immediately, pouring the proceeds back into further development to improve the product.
 
By January 2012, the land casino industry had locked on to the possibilities of social gaming with Caesar's Entertainment’s purchase of the Israeli company Playtika, and IGT moved in on DD shortly thereafter. Since then a slew of social gaming oriented deals have taken place, bringing internet, mobile and land interests together.
 
Erickson told Xconomy that he remains sanguine about the spread of gambling online. It’s an inevitable development, he observed, noting the established precedent in the U.K., among other places, and the thirst for tax revenue by local governments.
 
“It’s an activity that appeals to people’s base emotions," Erickson said. "In this Puritan nation in which we live - and that’s really what it is - we struggle with that. And people in other parts of the world do not struggle with that, because they’re not burdened with the Puritan ethic that goes to the core of our culture.”
 
Erickson commented on fears in some quarters that the spread of online gambling could adversely impact land casino business.
 
“I think there are people in the real-world gaming industry that are really feeling the inevitable. If you can have a robust experience in your own home, and gamble, and win and lose money, that’s certainly a threat,” Erickson says. “The IGT purchase of Double Down was brilliant, absolutely brilliant. Clearly, the ability to extend their branded products … into the virtual space just makes so much sense.”

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Gambling News :

Is Gibraltar Out of Luck in US Tax Challenge - Gibraltar's challenge to the UK 15 percent point-of-consumption tax on online gambling operator revenues has already failed in the UK High Court, and it looks as if it may be rejected by the European Court of Justice too.

Quickspin are now available in Denmark - #quickspin The roll-out strengthens the long-standing partnership between the supplier and the operator, with Quickspin games already available on Vera&John’s websites around the world.

UCypher Launches - Indian entertainment and media entrepreneur Ronnie Screwvala has announced the formation of UCypher, an eSports tournament in which ten teams will compete.

Extreme Live Gaming In deal With Betsson - Extreme Live Gaming, a subsidiary of the Novomatic Interactive group, has announced a live dealer product deal with the Betsson online gambling group, with an initial launch planned for Betsson.com, followed by other brands in the Swedish group's portfolio.

Expansion Mode For BoyleSports - The Bambury premises are situated in Kildare, Meath and Dublin and will be refurbished and rebranded after acquisition, with the total of 31 staff remaining in employment..

Safecharge Q4-2016 - Online e-cash processing firm Safecharge, where Playtech's Teddy Sagi is a majority shareholder, released a trading update on its Q4-2016 performance Thursday, flagging record transaction processing volumes and revenues.

ASA Most Controversial Ads of 2016 - Paddy Power's penchant for advertisements that cause a stir saw the betting company mentioned twice in the Top Ten most controversial adverts of 2016 released by the Advertising Standards Authority in the UK Thursday.

Yggdrasi To Enter Italian Gambling Market - Yggdrasil’s Italian offering will include the company's collection of in-game promotional tools, BOOST, improving gamification, and the social sharing tool, BRAG. The company’s mobile product will also be available on its HTML5 iSense 2 platform.

888sport is the latest to join sports betting integrity body ESSA - Major operator 888sport is the latest to join sports betting integrity body ESSA with the company adding its customer base and betting market platforms to ESSA’s global anti-fraud alert and reporting system.

First partypoker live event to be held in Russia - Partypoker’s new live tour will kick off in Russia on March 24, 2017 at Sochi Casino and Resort in association with Club Poker Management. Online Day 1’s will start on partypoker on March 12, 2017.

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