Playtech paid euro 33 million to acquire virtue fusion
Virtue Fusion was recently bought out by Playtech. The deal makes Playtech even larger than it already is and is quite the investment opportunity for the company considering how large and dominant Virtue Fusion is in the bingo world.
What is Virtue Fusion
Virtue Fusion is quite the addition to Playtech's already existing Bingo network. There are over 6,000 players that currently play on Virtue Fusion's network and as a result the acquisition by Playtech is going to increase their current player base by an estimate of 7 times larger than it already is.
Who are Playtech
Playtech is one of the top software developer in the online gaming industry, they are quickly gaining ground and making very large deals in the past few months. They are quickly climbing on the ladder of popularity and growth as well. They actually have many different licenses over a few different companies in the United Kingdom where they are located. Among their 20 plus licenses include Mecca, Sky, Virgin, Crown Bingo, and Bet365 among many others.
Playtech has been a driving force in the online gambling world (read more). They currently have quite the hold on the casino and poker world and as with any business were looking to expand their operations to drive a larger profit. Many individuals are now playing online bingo so it only made sense for playtech to try to expand their horizons and get a share of the pie in this part of the gambling world.
Their expansion has not been limited to buying Virtue Fusion though. They have also bought GTS, which stands for gaming technology solutions, in December of 2009. This expanded the lottery software used by the government organizations.
What does the deal mean for everyone involved
This deal expands Playtech by mass numbers and also allows the partner William Hill, to have a larger role in the operations and functionality of the business. The deal sells Virtue Fusion to Playtech for a total of €33.4 million but this isn't the only money that will be changing hands. There is also a bonus included in the stipulations. The total bonus can't exceed £7m and it all depends exactly how well performance is done during the year of 2010. The results will be analyzed at the end of the year and a payment is expected to be made within the first quarter of 2011.
Playtech has been very focused on ensuring that all of their operations are regulated under the government. They intend to remain perfectly legal and will work with any regulations that are imposed on the gambling world. They also have focused on following the same plan that Virtue Fusion has for bingo. It isn't a high stakes game but instead focuses on low bets and stakes that keep the game fun but not too risky for anyone involved.
Online gambling, unfortunately, has come under fire for the fact that many people get addicted. However, these companies should not be held responsible for the actions of individuals who are involved. Each business is there in order to make a profit and as long as it is legal there is nothing wrong.