US based betting giant Bally Technologies has announced that it has purchased Israeli social online betting firm Dragonplay for a consideration worth up to $100 million.
The deal will see Bally doling out $51 million in cash for the Tel Aviv based social developer, with an extra $49 million contingent on performance levels over the next eighteen months. The deal is expected to to be completed by July.
The acquisition is expected to pay immediate dividends for Bally, who revealed that Dragonplay earned profits of $30 million over the past year. The firm offers its social games to more than 3 million punters worldwide through Facebook and mobile apps.
Commenting on the deal Bally CEO Richard Haddrill said, “We expect this strategic acquisition to help position Bally at the forefront of social casino gaming by leveraging our world-class content, including proprietary table games and award-winning video slots, on Dragonplay’s increasingly popular social casino."
“Additionally, with the majority of its revenues generated from smartphones and tablets, Dragonplay has proven remarkable foresight and leadership in the mobile space, which is the fastest growing segment of social gaming.”
Dragonplay Founder and CEO Sharon Tal added: “I am confident that leveraging Bally’s vast library of proven slot and proprietary table game content will provide our loyal player base with an even more robust experience, which is expected to augment Dragonplay’s growth trajectory."