Home » OCW News » September 2009 » bwin set to Acquire Italian Online Gambling Firm

bwin set to Acquire Italian Online Gambling Firm

Date published: 8 September 2009

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Today (Monday, September 7), leading Austrian-based online sports betting and gambling firm, bwin, announced that it intends to acquire popular Italian online gambling operation, Gioco Digitale, to gain a foothold in the lucrative Italian online gambling market which is close to being deregulated.

According to bwin executives, the firm is close to concluding the deal which will see it acquire 100 percent of Gioco Digitale from its shareholders for an as yet undisclosed amount. The popular Italian online gambling website offers online sports betting, online poker, online lottery and other online gaming facilities.

Last week respected Italian financial newspaper, Finanza & Mercati, reported that an unknown investor purchased 10 percent of Gioco Digitale for the equivalent of $2.9 million. Gioco Digitale is Italy's first independent and privately owned online gambling operation, and a very popular Italian online gambling destination.

bwin's decision to buy Gioco Digitale is based on a law passed by the Italian government last month that will allow online poker cash games and tournaments, online sports betting and other online games of chance in the country. This is great news for Italians and online gambling operators keen to market their services in Italy.

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According to some online gambling experts, many of the world's biggest online gambling firms have recognized the potential of Europe's fragmented online gambling industry, which is why so many of them are in 'acquisition mode'. PartyGaming and 888 Holdings, for instance, have also taken out their check books of late.

Following bwin's announcement of the impending acquisition this morning, its share price rose by 0.7 percent to 27.42 euros. The bwin Group boasts over 20 million registered customers in over 25 core markets. Its holding company, bwin Interactive Entertainment AG, is listed in the ATX on the Vienna Stock Exchange.