SBC News Voice of the Sports Betting Industry
Amaya Gaming Group have announced the intended sale of its B2C division – Wagerlogic to Toronto based Goldstar Acquisitionco Inc for a reported (US) $70m. Wagerlogic the B2C division of Amaya Gaming Group, was acquired in April 2011 as part of Amaya Gaming’s (US) $35m acquisition of troubled igaming software provider CryptoLogic Limited the parent company of Wagerlogic.
Wagerlogic operates B2C brands – InterCasino, Interpoker, Interbingo, VipCasino and Parbet. The B2C division is in charge of player customer services operations and marketing, and operates under a Maltese license. The wagerlogic brands will continue to service players under Amaya/CryptoLogic igaming technologies.
Amaya Gaming chief executive officer David Baazov commented on the sale of Wagerlogic services: “The proposed sale of these business-to-consumer assets is consistent with our strategy of focusing primarily on being a single source business-to-business supplier of diversified gaming solutions to gaming operators, We anticipate this divestiture will allow us to expand our existing relationships and cultivate new ones with online gaming operators.”
Goldstar Acquisitionco Inc will fund the acquisition of WagerLogic from the proceeds of a $80 million cash injection by Canaccord Genuity Corp. who will act as sole book keepers and lead agent in the acquisition deal.
WagerLogic’s Business had revenue for the year ending December 31, 2012 and 2011 of US $17,203,912 and US $26,171,825, and net income of US $5,824,900 and US $13,441,839, respectively (all December 31, 2012 and 2011 numbers are audited).
