Canadian betting giant Amaya Gaming has announced that it plans to spin off its lottery games subsidiary Diamond Game Enterprises by setting up an initial public offering.
The IPO will be processed through the Innova Gaming Group, and sees Diamond Game being spun off roughly a year after Amaya purchased it for a cool $25 million. DGE produces games, markets them, and services betting system in North America, primarily focusing on government lotteries.
Amaya is looking to divest its subsidiaries that don't primarily offer online gaming solutions. Under the new business, Amaya will receive net proceeds for common shares it sells from the IPO. No information on the preliminary prospectus has been released, as it is still being assembled.
Casino Listings will update this story as more developments arise.