 Online Casinos
merging, partnering, acquiring in 2006
It is clear that 2006 continues to be the year of
online casinos merging, partnering, and making acquisitions in
the highly competitive gaming and online casinos industry.
The online casinos industry is a $12 billion dollar a year
venture, but has nevertheless, despite its great profitability,
been met with regulatory and legal problems all across the globe
in recent times. Online casinos face big detractors in the
United States, as the US Congress has aimed to ban credit card
companies from operating with online casinos. Online casinos
have also been the subject of regulatory measures in Asia, and
recently in Italy, as many British online casinos are aiming to
test this new Italian ruling.
Online casinos in Antigua and Barbuda are also pressing the
United States to comply with a recent World Trade Organization
(WTO) ruling on the legality of online casinos. Nevertheless,
despite these negative aspects, there are some positive backers
of online casinos, including the recent World Series of Poker
champion, a player who began his career at online casinos, Greg
Raymer.
Furthermore, the online casinos industry is becoming so
profitable, that many online casinos are partnering and
acquiring each other this year, in a year of mergers and
acquisitions.
For example, a large online casino gaming company has announced
that it has reached an agreement with a Silicon Valley company
that has developed one of the world's most advanced online
software solutions for poker -- to provide technology and
software for re-launching the firm’s online casinos.
"This relationship will make it possible for us get to market
faster with a superior product," said Steve Lipscomb, founder
and CEO of the large gaming firm. "Now, like most companies that
have been successful in the online gaming space, we will be able
to build a unique offering and control our own destiny. We have
been searching for a powerful alternative to our current
technology for some time and are convinced that this is the
perfect solution."
The California firm, the designer of the software that currently
powers the poker room for other online gambling portals, has
long been established as a pioneer in gaming technology.
Building upon a ten-year history of developing and operating
GamesGrid, the world's first graphical online backgammon club,
the firm set out to build a ground-breaking platform to support
the next generation of online gaming. The company has customized
its unique platform for sophisticated marketers requiring strong
branding capabilities, flexible and innovative functionality,
and support for multiple languages and currencies.
Chris Derossi, CEO of the firm explained, "We are very excited
about the prospect of providing the product that can take the
(partnering firm’s) online poker offering to the next level. We
believe our Foundation Software, coupled with (the partnering
firm’s) innovation and commitment to the poker player will
create an unmatched gaming site."
"This deal will finally allow us the opportunity to innovate the
online gaming experience and deliver a product worthy of (our)
brand," concluded Lipscomb.
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