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Igt Buys DoubleDown Interactive for $500 million

Friday the 13th, 2012 :  IGT MAKES ANOTHER INTERNET ACQUISITION
 
Social gaming casino company DoubleDown acquired for $500 million
 
US land games and machine developer International Game Technology has followed its purchase of the Entraction network with another internet gaming acquisition, inking an agreement to buy social gaming company DoubleDown Interactive for $500 million.
 
Founded in April 2010, DoubleDown developed the popular DoubleDown Casino which has proved popular among millions of Facebook users as one of the top 4 social media games in 2011.
 
According to AppData.com, DoubleDown Casino currently has 4.7 million monthly active users, up from 3.3 million in October 2011. With a broad and expanding portfolio, Double Down offers blackjack, slots, slot tournaments, video poker, and roulette to social gamers around the world.
 
The total consideration includes $250 million in cash, $85 million in retention payments over the next two years and up to $165 million in cash, payable over the next three years subject to Double Down meeting certain financial performance targets.  IGT expects to fund the transaction from cash on hand.
 
IGT spokesmen said this week that the addition of Double Down provides IGT instant size and scale in the fast growing world of casino-style social gaming and is expected to broaden the company's popular gaming titles beyond the physical casino to Facebook, the world's largest social network with over 800 million global users.
 
"This powerful distribution model is anticipated to provide IGT an opportunity to entertain players with consistent, ubiquitous, thrilling gaming experiences across multiple platforms," they said.
 
Greg Enell, chief executive of DoubleDown commented: "Double Down and IGT share complementary cultures focused on innovation and creativity.  Both companies are committed to providing unrivaled quality, service and entertainment to millions of players. Leveraging IGT's Research and Development, global reach, and best-in-class content will provide our player base with an even more robust experience and is expected to augment Double Down's growth trajectory."
 
"As technological innovations increasingly influence consumer behavior, social dynamics are quickly transforming entertainment and gaming experiences everywhere," said Patti Hart, CEO of IGT.
 
“The addition of Double Down launches IGT into a leadership position in social gaming, extends our global reach through new mediums and leverages our unmatched expertise in game development. We intend to drive meaningful value from this rapidly growing distribution platform that reaches a new but complementary demographic of gamers."
 
The transaction is projected to close within the second quarter of IGT's current fiscal year.
 
Enell will continue to lead Double Down and the company's operations will remain in Seattle after the acquisition is complete, IGT has confirmed, stressing that it will allow the company an appropriate level of independence in order to foster its continued exceptional growth.

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Ladbrokes Appoints Annemarie Durbin - Durbin, a qualified lawyer with over two decades of international banking experience, will also take up membership of the Audit, Remuneration, Social Responsibility and Nomination Committees with effect from March 1, 2017.

Olympus Slot Pays $210k Jackpot to USA Player - “I love slots, been playing a long time. I go to Vegas once a year. In between I play online. It’s so convenient. I play mostly Hold the Riches, Pyramid Plunder, Dollar Storm or Olympus. I’ve also started playing keno more.”

Divine Fortune SLot Launches - NetEnt has launched a new local jackpot title “Divine Fortune”, a five-reel, 3-row, twenty-fixed line video slot themed on ancient Greece and a world of mythical creatures, legendary riches, and golden coins.

BetatHome profit guidance for the 2016 financial year - bet-at-home.com AG has lifted its profit guidance for the 2016 financial year following what it terms a “supremely positive business development in the fourth quarter”.

Aussie Millions $1,150 buy-in No-limit Hold’em Accumulator Results - In the latest Aussie Millions event - the A$1,150 buy-in No-limit Hold’em Accumulator, local poker pro Bridges Roe prevailed against a field of 721 to claim the main prize of A$160,725, despite starting the final day at the bottom of the chip counts.

2 Huge Wins at Bovada Casino - Paul D. from Boston, MA, scored really big, earning $808,529.80 playing the Food Fight progressive jackpot slot on the Bovada online casino on a wager of $11.25. Unfortunately Bovada's press release does not give any further details.

China Internet Clean Up Campaigns - The advisory revealed that the current drive will run through to the end of March 2018, and that online gambling and other inappropriate or unacceptable content must be blocked because:

AOPA to campaign for poker to be left alone - The threat that amendments to the federal Australian Interactive Gaming Act aimed at stopping in-play action could spill over into an online poker ban has motivated Aussie players to form an action group in support of the game.

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