Boost For IQ Ludorum Online Casino Firm
Published: Saturday, April 22, 2006 Online-Casinos.com
BOOST FOR IQ LUDORUM ONLINE CASINO SOFTWARE COMPANY
But the boost is not not from online casino gambling software
Not long ago IQ Ludorum powered online casinos seemed to be everywhere as the gambling software developer and turnkey provider signed up licensees across the globe. But it went into a steep decline with financial troubles that now seem to be coming right, judging by its latest acquisition.
In an all shares deal, the company has acquired First Pay, a listed online debit card solution specialist valued at around GBP 3 million. With its sportsbook software in use at growing Betcorp, and First Pay's prime client World Sports Exchange going strongly the arrangement would seem to hold the promise of good returns through a useful diversification that moves away from IQL's traditional approach.
"The developments today reflect a fundamental shift in IQL's business model towards recurring revenue and sales linked to the dollar volume of transactions," explains IQL head honcho Mike Muscato. "Gaming is expected to continue a double-digit, multi-billion dollar year-over-year growth and IQL is now poised to maximise its participation in this growth."
Antigua-based gaming operator WSEX, part of the NetBet group of companies, will deliver US$250 million in payment processing volume to First Pay over three years under the terms of the deal.
IQL is now aiming some products and services at individual consumers and, through First Pay, will profit from debt card fees.
Sean Forward, founder of WSEX, has relocated to Antigua from the UK to take up an executive role at IQL, and will be responsible for the First Pay launch. IQL has also announced a deal for its IQ-Softech sportsbook to Betcorp.
The deal with Betcorp sees IQL providing software solutions for the routine management of a call centre and online sportsbook. Betcorp have been using IQ- Softech for five years, something which is predicted to continue.
There is also a planned payment-solutions deal between the two companies.
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