Ongame B2B Online Poker Network To Be Sold By bwin.party

Published Thursday, June 30, 2011 - Online-Casinos.com

Online Poker rooms are still making headlines and when one comes up for sale interest is peaked by investors and other operations looking to expand. Bwin.party digital entertainment disclosed that it has begun formal proceedings to sell off one of its assets.  The Ongame B2B poker network will be available and the sale is expected to be complete by the end of the year.

Shareholders will be apprised of the decision by the board to liquidate the poker network during the company’s Annual General Meeting in Gibraltar. The statement regarding trading of Bwin.party shares is doing well although softer results in the bingo  and returns were hampered by lower than expected sports betting margins during the month of May.   After the shut down of the large poker networks such as Full Tilt and Absolute poker new players did not migrate in significant numbers to the Bwin.party poker rooms and the company indicated the new player base is not large in the overall player base.

Bwin.party has continued on track since the merger was finalized and makes progressive strides in the implementation of plans that were decided upon prior to the completion of the merger. The goal of Bwin.party is to deliver the full annualized synergies of €55m by the year 2013.
Surplus assets that include a leading online poker network and operating platform  are part of the strategy surrounding the formal process to sell the Ongame B2B operation.
Investors are speculating that with the recent license suspension by the Alderney Gambling Control Commission of the Full Tilt Poker room the Bwin.party digital entertainment plc shares will escalate and they have, soaring eleven percent on the London Stock exchange.
After undertaking a full review of its capital and distribution policy, bwin.party digital entertainment confirmed that the company will start payment of a dividend at the half year with the results to be announced on August 31st 2011.

 

 

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