Shuffle Master Purchases Ongame Network For EUR 19.5MPublished on March 5th, 2012 9:25 pm EST
Shuffle Master, Inc. announced earlier today that they have purchased Ongame Network Ltd. from bwin.party (parent company of Party Poker and Party Casino) for 19.5 million Euros (approximately $25.77 million USD).
Per the terms of the agreement, Shuffle Master will be paying bwin.party Services EUR 19.5M in cash, with an additional payment of up to EUR 10.0M "contingent upon the commencement of legalized, real-money online poker in the U.S. within such period." The EUR 10 million contingent payment will decrease throughout the five-year period.
Shuffle Master "is a leading global gaming supplier committed to making gaming more fun for players and more profitable for operators through product innovation, and superior quality and service. The Company operates in legalized gaming markets across the globe and provides state-of-the-art, value-add products in five distinct categories: Utility products, which include automatic card shufflers and roulette chip sorters; Proprietary Table Games, which includes live games, side bets and progressives; Electronic Table Systems, which include various e-Table game platforms; Electronic Gaming Machines, which include video slot machines; and newly introduced iGaming, which features online versions of Shuffle Master's table games, social gaming, and mobile applications."
According to Pokerscout.com, some of the sites that are currently on the Ongame network include Betfair, Betsson, Bwin, and Europoker.
Add Shuffle Master to the growing list of companies that will be agitating for a change to federal online gambling laws in the United States.
Note: Shuffle Master, Inc. (SHFL) is up nearly 5% in after-hours trading.
Filed Under: Other Poker News