Ongame acquired by BetandWin

Australian-based sports betting firm BetandWin has acquired Swedish online poker software provider Ongame e-Solutions AB, operator of the Ongame Network, for $611 million, it was announced recently. The deal, which was originally announced in late 2005, has seen all of its conditions satisfied, including the approval of the supervisory and management boards of BetandWin.

According to a news release issued by BetandWin on December 16, 2005, about 5 million registered players compete at member sites of the Ongame Network, which include PokerRoom.com, Hold'emPoker.com, and EuroPoker.com. The release also reported that over 76% of Ongame's revenue is generated through its more than 260,000 active real money poker players.

Manfred Bodner, co-CEO of BetandWin, said, "We are delighted that Patrik Selin, CEO of Ongame, and his management team will join our team in order to make our vision, to build a leading global online gaming player, come true."

Said BetandWin co-CEO Norbert Teufelberger about the transaction: "The acquisition of Ongame significantly advances BetandWin's ambition to be a leading global provider of online gaming by combining the two company's excellent platforms. The acquisition enables us to establish BetandWin as a one-stop, global gaming and sports betting brand significantly earlier than either company could deliver independently."

"We are happy to join a group that has demonstrated its capability to successfully grow and diversity its proven business model," said Patrik Selin. "Together we will have an increased capacity to further develop our leading positions in sports betting and poker, and expand our offerings, including our poker network, to third parties launching global companies for our proprietary brands."

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