IGT buys Internet gaming site provider for $90 million

Aug 2, 2005 12:53 AM

Looking to distribute its game content to new channels and mediums, International Game Technology (IGT) said last week it will pay $90 million to acquire Internet gaming company WagerWorks Inc.

The Internet company recently developed a relationship with World Poker Tour to set that company up with an Internet gaming site in Great Britain. It also provides services to BskyB, the television company owned by Fox’s Rupert Murdock; Virgin Airlines, Rank Organization, Paddy Power and Blue Square.

TJ Matthews, IGT’s CEO, explained that WagerWorks "will help the distribution of IGT game content across new channels and mediums, including the Internet, mobile devices, and interactive television."

IGT said the acquisition expense will dilute its earnings by $0.02 in both fiscal 2005 and 2006.

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