The latest edition to the Card Player Poker Tour hall of champions will soon be named when the Card Player Poker Tour Palm Beach Kennel Club $1,100 no-limit $250,000 guarantee main event begins Friday, Dec. ...
Shuffle Master's Ongame Poker Network Deal Collapses
Nevada Gaming Group “Mutually Agreed” Not To Continue With Purchase of Poker Network from bwin.party
Shuffle Master, the Las Vegas headquartered gaming group, has pulled out of a deal to buy bwin.party’s European-facing Ongame Network.
In a statement bwin.party said the two companies had “mutually agreed not to proceed with the proposed transaction” which was first announced on March 6. Shuffle Master was to have paid up to €29.5 million for the network in the wake of International Game Technology buying Sweden’s Entraction network.
Update Shuffle Master chief executive officer Gavin Issacs said in a statement, “It has become evident to us that Ongame’s operations post-acquisition will not achieve the near-term results we initially expected and will require a larger ongoing investment than anticipated.”
Bwin.party went on to say it was now in talks with other parties interested in buying the network which recently lost two high-profile poker rooms Gala Coral and Bet24. “The sale of surplus assets, including Ongame, remains a core part of bwin.party’s strategy.
“bwin.party is re-engaging with other third parties that have expressed an interest in acquiring Ongame. bwin.party will make a further announcement as and when appropriate.
Shuffle Master and Ongame recently announced a partnership with Bally Technologies.
Bally Technologies was recently granted the first online gaming license in the US and plans to offer online poker in Nevada.
No mention of this deal was made in today’s statement.
Analysts Daniel Stewart & Co believes Ongame is still an attractive buy estimating it to be worth around €20 million and saying in a morning note, “…Although we view the asset as non-core (legacy) in our view the poker asset should remain an attractive purchase for an operator looking to expand into online poker, more specifically US land based operators with an eye to moving online.
|1||Poker Strategy With Matt Matros: The Poker Paradox|
|2||Dan Smith Wins 2013 World Poker Tour Five Diamond Main Event|
|3||Brian Rast Wins Five Diamond $100,000 High Roller At Bellagio|
|4||PokerStars' Review Suspended In New Jersey|
|5||Poker Strategy For The Rest Of Us: Kristen Bicknell|
|6||Norwegian Politician Throws In Towel In Poker Battle|
|7||Bellagio's Jack McClelland Retiring After 2013 WPT Five Diamond|
|8||Police Bust Poker Game At Oklahoma Bar|
|9||High-Stakes Online Poker: Niklas Heinecker Up $6 Million As 2013 Winds Down|
|10||Dan Bilzerian Says He Won $10.8 Million Playing Heads-Up Poker At Stakes $5,000-$10,000|
|1||Dan Bilzerian Says He Won $10.8 Million Playing Heads-Up Poker At Stakes $5,000-$10,000|
|2||Hansen In The Abyss $15 Million On Full Tilt Poker|
|3||Poker Pro Fends Off Two Robberies In One Day|
|4||Poker's Thankful: Great Suckouts From 2013|
|5||Bryan Devonshire: It Can Always Get Worse|
|6||New Jersey Sees Full Launch Of Web Poker|
|7||Sheldon Adelson: 'Willing To Spend Whatever It Takes' To Thwart Online Poker In United States|
|8||Online Poker: Niklas Heinecker Up $4.2 Million|
|9||Jay Farber Says He Is Buying A House, Ferrari And Aston Martin With His Poker Winnings|
|10||Borgata Allowing I-Poker Signups Ahead Of Launch|