When it comes to acquisitions, Canadian public company FUNTech manager, Lorne Abony and his management team certainly don’t allow the grass to grow under their feet. This can be seen by the fact that this week the company released the information that they had finalized a $23 million deal enabling them to take over WorldWinner, a major competitor. Employing the SkillJam Technologies subsidiary, CEO Abony reported that he acquired its rival so as to strengthen its position in the extremely competitive and quick-growing informal skill gaming gaming market. Every month, WorldWinner is known to award millions of dollars in the form of prizes. This reflects the large number of games played on its which averages 350 000 games played daily and which produces yearly revenues of $10.67 million representing the 12 month period ending December 31, 2005. WorldWinner reported 14 million registered players by January 2006.
WorldWinner’s products will keep on under the established brand in the short term, but there will certainly be some level of incorporation with the SkillJam property.
Company CEO Abony reports that for FUN Technologies, the acquisition of WorldWinner is a noteworthy strategic achievement. Up until now, WorldWinner was the company’s largest competitor. By consolidating the two businesses FUNTech will achieve significant operating synergies along with added efficiencies, and leverage.
President and CEO of WorldWinner, Stephen Killeen, says that the company is proud to be involved in this merger with FUN Technologies. He sees the consolidation of the two organizations as forming a global skill-gaming powerhouse.
Turnkey Provider Playtech To Join Uk Trade Association
Playtech, the turnkey poker room and online casino software provider has joined up with RGA, the Remote Gambling Association of the British trade association.
It is soon after its acquiring from the third largest Channel Island a Certificate of Prior Approval from Alderney, that the company’s membership has occurred along with its successful migration of Hard Rock Casino, of the Rank Group, licensed in Alderney.
In order to qualify for membership, software providers need to be licensed directly or they must be supplying their product to at least one remote gambling operator who is also licensed and who operates in the European Economic Area (EEA), the Channel Islands or on the Isle of Man.
Following the merger between the Association of Remote Gambling Operators (ARGO) and the Interactive Gaming, Gambling and Betting Association (IGGBA), the RGA, was founded in July of 2005. It is an organization that acts to represent and to work for the benefit of and service of the remote gambling operators located in the areas in which their members hold an interest.
RGA works to promote high standards of decency and integrity within the betting and gaming industry, aside from also representing members’ interests to national governments and public bodies. It functions also for the benefit of its members as well as for benefit of the public in general.
The company is extremely pleased with their new membership in the RGA, according to a Playtech spokesman. It is well known that their work is invaluable to the gaming industry, and the company believes that they can best represent their interests to regulatory authorities.