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NetPlayTV has completed the acquisition of Abstract Games

12/22/09 - The UK online and interactive television gambling group NetPlayTV has completed the acquisition of Abstract Games, which will be sold back to the original owners with the company retaining subscription services revenues. NetPlay has also finalised its mobile gambling deal for the mobile casino services operations of Info-Download, a subsidiary of entertainment products developer Zed Worldwide.

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Abstract Games was purchased in February 2007 for GBP 500 000 upfront, with the deal allowing for deferred payments capped at GBP 3.5 million. In addition to the first tranche of deferred consideration of GBP 1.01 million paid last year, the NetPlay board has agreed a final payment with the sellers of GBP 1.1 million which will be paid immediately in full as final settlement of the purchase agreement, bringing the total consideration to GBP 2.61 million.
 
The business will now be sold back to the sellers for a nominal GBP 1 following NetPlay's decision to divest itself of its premium rate telephony business, but NetPlay will be retaining the recurring revenues from the subscription services operated by Abstract Games since they joined the group.
 
The acquisition of quiz and mobile casino services from Info-Download Ltd was announced in January 2009 for a consideration of GBP 750 000 paid in the company’s shares, GBP 500 000 of which was paid upfront and the remaining deferred payment of GBP 250 000 million will be issued in shares later this month.
 
As part of the settlement, Netplay TV will cease paying Zed Worldwide GBP 10 000 a month for global distribution of its products after deciding to focus its expansion in regulated markets. Another reason for the change of direction is the five year strategic deal with Playtech recently, as a result of which NetPlay TV no longer has a requirement for Zed Worldwide to develop mobile side games.
 
Through its agreement with Playtech the company is now able to offer in excess of 10 mobile side games with jackpots exceeding GBP 200 000.
 
NetPlay revealed this week that the mobile quiz revenues have remained constant since acquisition, while the mobile casino revenues have shown “exceptional growth” with the bets placed through the mobile casino platform amounting to GBP 900 000 in November '09, while showing continued growth on a month to month basis.

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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