Bwin and Partygaming to merge 30/07/2010 |
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A new betting and gaming giant is set to be created early next year after two of the biggest names in the industry, Bwin and Partygaming, announced a groundbreaking deal to merge the companies.
Bwin, an online sports betting firm that has secured a sizeable share of the European market, will take 51.64 per cent of the enlarged group. Partygaming, which has specialised in offering softer forms of online gaming such as casino and poker, will have the remaining stake.
Bwin co-chief executive Norbert Teufelberger and Partygaming counterpart Jim Ryan will become co-chief executives of the business, and the deal is expected to be finalised early next year.
“For us, and I think the sector, this is a historic day,” said Ryan. “This is the transformation acquisition in the sector. We will be creating the industry’s largest online gaming company and the world’s largest listed online gaming company and probably, I think it is fair to say, the largest deal in the history of this sector.”
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