IGT buys WagerWorks for US$90m cash

International Game Technology, the US land-based slots manufacturer, has signed a deal to buy software firm WagerWorks for US$90m in cash.

The takeover, is expected to be completed by the end of August and is big news for the industry as a whole.

TJ Matthews, IGT's chief executive, said the acquisition would allow his firm to move into the online gambling sector in a “responsible manner”.

WagerWorks has an existing relationship with IGT, providing content for some of its slot machines.

But IGT said it would also look to build on WagerWorks' existing online operations.

“We are very excited to work with their customer base, content providers and management team to accelerate and enhance WagerWorks' growth prospects," Matthews said.

WagerWorks currently provides casino and poker software to Virgin Games, and casino software to sportsbooks Blue Square, PaddyPower and skybet.

It is the only major software provider to not accept US customers, and Paul Miltenberger, Chief Executive Officer for WagerWorks said the deal was testament to that strategy.

“Remote gaming will continue to evolve and mature in a regulated manner, led by credible established gaming companies, like IGT,” Miltenberger said.

Editor, Jackpot.co.uk - 2005-07-27 18:01:27

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