The company coughed up more than expected for the leading B2B online poker network, but will only fork over 15 million euros ($19.3 million) in cash on completion of the deal (expected to occur in Q4 2012). Additional payments of up to 10 million euros ($12.9 million) will become payable only if there is regulated online gaming in the United States within the next five years.
Ongame’s management will transition to Amaya along with the business.
Not familiar with Ongame? Here’s what they do, according to their website:
Ongame is the world’s leading B2B online poker provider, serving partners including bwin, Betfair, Betsson and Unibet. Reaching over 20 million customers in more than 25 markets, with an international network licensed in Gibraltar, as well as regional networks in Italy and France.
Ongame is the premier choice for sportsbook operators, providing a poker environment optimized for recreational players and a proven track record of increasing partner revenues.
Ongame claims P5, the game engine powering its poker offering, is the ‘most advanced poker engine ever designed’.
Worth noting: gambling table and slot machine maker Shuffle Master had already agreed and announced that it would be purchasing Ongame for up to $38.9 million in cash back in February 2012, but it dropped those plans at the end of June.
Amaya certainly seems like a better fit. The company provides a host of services and solutions that range from online gaming platforms, online and mobile casino games, traditional and mobile lotteries, networked electronic gaming systems and more for the regulated gaming markets.
Image credit: Karen Bleier for AFP / Getty Images
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