Majesco Ent. Moves Forward With Online Gambling Strategy

Published Wednesday, August 07, 2013 -
Majesco Ent. Moves Forward With Online Gambling Strategy

The Majesco Entertainment Company is a video games provider with more than 20 years of operating history. The firm is focused on developing and publishing a wide range of casual and family oriented video games on all leading console and handheld platforms as well as mobile devices. Majesco is located in Edison, New Jersey USA and is publicly traded on the Nasdaq Stock Market.

Majesco recently announced the establishment of a venture for online casino gaming and social casino gaming. GMS Entertainment Limited will come into existence for the purpose of pursuing an online casino gaming strategy. As part of the transaction, Majesco will invest a total of $3.5 to $4.5 million, depending on GMS' future financial performance, to acquire a 50% interest in GMS.

Chief Executive Officer of Majesco Entertainment, Jesse Sutton, will serve as the Chairman of GMS Entertainment. The venture will acquire the operations of Orid Media Ltd. and Pariplay Ltd. which completes the Registered Direct Offering of $2.0 Million. Orid Media designs and develops both fixed odds and random based online and mobile games for use in real money online games, social casinos and lottery systems. Pariplay is a licensed online gambling operator located in the Isle of Man, and operates online gaming sites. The founder of Orid and Pariplay will maintain a 50% interest in GMS Entertainment Ltd.

Sutton,commented, "I am incredibly excited about this opportunity in the fast growing online gaming market and partnering with these talented individuals," Sutton, continued, "During this transition year in console gaming, we have been actively exploring emerging growth opportunities in the social and online casino gaming industry to supplement our existing business. Entering the market through this partnership allows us to participate in a rapidly growing market segment and position the company for longer term growth as more jurisdictions move to legalize real money online gaming. The complementary skills and abilities of all involved are expected to result in a successful venture."

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