Bwin and PartyGaming confirm new name
bwin and PartyGaming have been telling anyone who’ll listen in the gaming industry that they’re going to be creating one hell of an online gambling company and that there’ll be a huge party to celebrate. One of them is named after our favourite pursuit after all.
Well their latest release doesn’t confirm that the party will be taking place or whether the drinks provider will be Norbert Teufelberger himself. Nonetheless, what will become the largest publicly traded gaming company have confirmed the merger is on track (we might have heard that somewhere before) and have even revealed the long awaited name the company will carry.
Now don’t get too excited. They didn’t take the tablog and Bodog Europe CEO Patrik Selin’s lead and rename the company Pwin. They’ve gone all innovative and settled on the name bwin.party digital entertainment plc, or bwin.party for short. Under the terms of the merger, bwin shareholders will retain 51.7% of the company, whilst PartyGaming will have the other 48.3%.
Bwin co-CEO Teufelberger commented: “The online gaming industry is going through a phase of consolidation, making market players’ size and geographic diversification more crucial than ever.
“Our products and target markets complement one another perfectly, and we can continue to expand our technology lead in all key product segments: sports betting, poker, casino, bingo and games.”
The company has also confirmed that the joint HQ will be in Gibraltar and they will be listed on the London Stock Exchange.
“Our many years of online know-how, healthy balance sheet, and one of the largest pools of poker liquidity in any regulated market will make us an attractive business partner,” added Teufelberger.
It will be interesting to see how the public behemoth will fair against the nimble private companies that are continuing to grow in the online gambling industry. US regulation will also be another attractive proposition for the new merger. Depending on the nature of the new legislation, it remains to be seen what part bwin.party might play if regulation happens in the near future.