OnGame Poker Network To Be Sold Off By Year End

Published Saturday, August 13, 2011 - Online-Casinos.com
OnGame Poker Network To Be Sold Off By Year End

According to MarketWatch a sale is being negotiated by newly amalgamated bwin.party digital entertainment for its OnGame Poker network.
The disposal of OnGame follows the recent merger of Bwin and Partygaming, which were both involved in the operation of a poker network.. Terms of the sale indicate that former bwin poker players will move to the  Partygaming network, removing almost half of the customers from the OnGame poker network platform.

The sale is said to have attracted interest from sources in the USA with the final price tag coming in at between 20 million to 30 million EUROS.
Speculation that Betfair will rise to the challenge and purchase the OnGame network is not realistic. The Betfair online gambling group does use the OnGame poker network but the acquisition would be a drain on finances for Betfair and may even change the business to business direction Betfair has been striving for.

Sportingbet which recently signed up to the OnGame network, and is currently in takeover talks with Ladbrokes was also a non starter for the acquisition.
Simon Holliday of gaming consultants H2 Gambling Capital has suggested that US interests are possible purchasing candidates. Going on previous sales and the assumption that the US market for online poker may be poised to open legally, Holliday says the slot machine maker International Game Technology which bought Swedish poker platform Entraction for $115 million recently may be interested.
The timely sale of the OnGame poker network is important to bwin.party digital entertainment as they are operating a network that is redundant, and is loosing its liquidity. Shutting down the network is even less cost effective than selling it off at a bargain price. The Bwin party firm does have a goal to dispose of the network by the year end, which it needs to do before the drain on resources becomes too great.

 

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