Sale of Ongame Poker Network Completed
bwin.party Sells Poker Network For €15 Million to Amaya
bwin.party has completed the sale of its Ongame poker network to Amaya Gaming Group from Canada.
The company will receive €15 million for the network on a cash-free and debt-free basis and could earn up to an additional €10 if online poker becomes regulated in the U.S. within the next five years.
bwin.party said, “The exact amount of the contingent consideration will depend upon the extent of the regulation and, if not federal, is based upon the number of states that regulate and the total population covered.”
The deal sets in motion the move of bwin’s poker liquidity to the Party Poker network which is the primary network owned by the company. No time frame has been announced yet for the move.
One of Ongame’s largest poker rooms, Betfair, recently did a deal with the iPoker network which will see it move some of its liquidity away from Ongame.
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