Zynga May Acquire Ongame Poker Network
- 07/10/2012By Pamela PattersonGoogle
- Not long after the deal with Shuffle Master fell through, there are indications in the industry that well-regarded Facebook social gaming company, Zynga may be interested in purchasing the Ongame Poker Network. Bwin.party owns Ongame and is looking to sell the company as it considers it a “surplus asset.”
Ongame Network, the top rated online casino site, is the fifth largest online poker room in the world and hosts Betfair and bwin among others. Reports state that Zynga is currently the front-runner in the acquisition opportunity.
A few months ago, Shuffle Master and Ongame reached a tentative deal in which the Vegas-based Shuffle Master would pay €19.5 million for the company and another €10 million if online casino games becomes legalized in the U.S. within five years. The deal folded last week when Shuffle Master CEO Gavin Issacs stated, “It has become evident to us that Ongame’s operations post-acquisition will not achieve the near-term results we initially expected and will require a larger ongoing investment than anticipated.”
Zynga has had its share of tribulations lately on the stock market as many are questioning whether the social gaming company has what it takes to truly evolve into a casino games online business. Acquiring the Ongame Network could be the right move for the company and prove to investors that it is serious about entering the real-money online gambling industry in the United States.
Reports indicate that Zynga has approximately over $1 billion available between cash, equivalents and short-tern investments. As bwin.party was in negotiations with Shuffle Master for approximately $37 million, Zynga is being considered a serious contender.
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