Two rivaling companies have joined forces to form the largest casino group the iGambling world has ever seen.
The merger deal agreement was set at £5 billion. The shares were spit 52% to 48% and bot5h companies seem to be very happy about it. It is estimated that the annual revenue for the newly formed iGambling group will be somewhere around £1.1 billion, and this figure is higher than any other online gambling compendium has ever had the aspirations of reaching.
There are still details to be agreed upon but shareholders on both sides seem to be pleased by the 52-48% split. This merger is between 600+ land-based betting establishments and an exclusively online betting operator.
Both companies have seen rises in their shares value, stocks going up 17% and 18%, respectively. This move was set in motion due to Britain’s increasingly stricter regulations of gambling and online gambling. Britain is also raising taxes for the gambling sector so casino operators are searching for solutions to be able to face the high costs of running such businesses in the U.K.
The betting market is starting to feel the rise in popularity that smartphones and tablets are projecting and so the newly forming market needs new solutions and a merger is just the right choice.