| Online Casino Lucky Nugget - Bet and Win To Buy Out Rival27 Dec 2005
Austrian online gambling site Bet And Win said last week that it plans to buy Swedish gambling site Ongame for at least 473.6 million euros, or $568.4 million in a deal that would create one of the world's largest publicly listed online gambling companies. Bet And Win said it was acquiring 100 percent of the shares in Ongame e-solutions AB, promising the deal "will be of significant benefit to both customers and shareholders".
"The acquisition of Ongame significantly advances Bet And Win's ambition to be a leading global provider of online gaming by combining the two companies' excellent platforms," said Norbert Teufelberger, one of Bet And Win's chief executive officers. "This acquisition would enable us to establish Bet And Win as a one-stop, global online gambling and sports betting brand significantly earlier than either company could deliver independently."
Ongame is based in Sweden, but carries out about 80 percent of its business in the United States. It posted profits in 2004 of $17 million, or 14.2 million euros and employees about 200 workers. The deal is expected to be completed in the first four months of 2006, pending final approval from Bet And Win's supervisory board, regulatory approvals and other conditions. |
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