Italian Online Poker Market Set to Change
Published: Monday, September 07, 2009 Online-Casinos.com
Deregulation of online gambling in Italy seems to be coming close to a reality and those who make deals for the Italian market now are sure to be winners. When it comes to those companies moving forward in constant expansion mode Bwin is out in front. It is in the rumour mill that the Austrian based Bwin firm is close to completing a deal in principal to acquire the Italian online poker company, Gioco Digitale. This agreement if it is confirmed will allow it to expand its offerings into Europe. It has assumed that Bwin will completely take over Gioco Digitale, purchasing all of the company from it's current shareholders.
Bwin confirmed that discussions are taking place in a press release, with the following statement, "The Board of bwin Interactive Entertainment AG "bwin" and Gioco Digitale S.p.A. "Gioco Digitale" and its shareholders have agreed on principle terms for the acquisition of 100% of Gioco Digitale. The parties are in the final stages of working on a sales and purchase agreement, however, there can be no certainty that a final binding agreement on the transaction will be reached."
Gioco Digitale is the first Italian independent operator of online gaming, with offerings focused on poker, skill games, Bingo and raffles. The company is active in product development and technology and is the concessionaire of the Italian State for games from a distance.
Bwin did not disclose terms of the deal. Italian newspaper Finanza & Mercati said last week an investor had bought 10 percent of Gioco Digitale for more than 2 million euros. Bwin said last month that due to a recently passed law to be enacted this autumn, poker cash games and other games of chance will be permitted in Italy in addition to sports betting and online poker tournaments, raising the profile of the market. Market analysts believe the fragmented European Internet gambling market is ready for consolidation. U.K. firms as well as other betting operations are stepping up efforts to get further involved in the European online gambling industry. Bwin stock value reflected to proactive move by the firm.
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