Canadian firm buys U.K. bingo site

Canadian firm buys U.K. bingo site

February 09, 2015 10:20 AM
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Intertain Group Ltd. buys Britain's Gamesys Ltd.Just as the Canadians at Amaya Inc. looked to the future of Internet gambling by acquiring PokerStars last year, Toronto-based Intertain Group Ltd. has made a deal to buy Britain’s  Gamesys Ltd., the largest provider of online bingo.

The publicly-traded Canadian company said it will pay at least $653 million in cash and shares for several websites including bingo site Jackpotjoy and slot site Real-Money Starspins.

The acquirer is headed by CEO John Kennedy FitzGerald. He was quoted by Bloomberg as saying, “Out stated vision is to focus on the female demographic in regulated markets. This acquisition is consistent with this vision.”

Amaya spent $4.9 billion to purchase the world’s largest publicly-held online gaming company, PokerStars, even though the latter firm had come under legal penalties imposed by the U.S. feds for their offering of Internet poker in this country when the feds said it was illegal.

Bloomberg also added that Intertain has a market value of about $550 million (Canadian) and will fund its purchase, partially, by adding investors led by Canaccord Genuity Corp. 

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