Home » OCW News » January 2012 » IGT Extends University of Iceland Lottery Contract

IGT Extends University of Iceland Lottery Contract

Date published: 31 January 2012

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Top US land and online gambling equipment designer, manufacturer and developer International Game Technology (IGT) has announced that it has extended its contract with the University of Iceland Lottery for another six years.

Based in Las Vegas, Nevada - the 'Mecca of gambling' in the United States - IGT cemented its partnership with the University of Iceland Lottery way back in 1993, when the tertiary learning institution was given permission by the Icelandic government to offer video lottery terminals in the nation, which were supplied by IGT.

The Organisations Have Been in Business for Two Decades

In fact, so successful has the IGT and University of Iceland Lottery contract been, that almost two decades later the two organisations are still more than happy to be in business together.

Under the terms of their extended contract, IGT will supply 230 of its new state-of-the-art G MLD gaming cabinets to the University of Iceland Lottery to be installed throughout the Nordic nation, each of which boasts the latest 3D technology to ensure bright, bold and top-quality displays and graphics.

Said IGT International Senior Vice-President, Craig Churchill, 'This agreement is a testament to IGT's unwavering customer commitment. By continuing to offer a streamlined, integrated, innovative games and systems solution, IGT will help the University of Iceland Lottery provide a cutting-edge player experience.'

Currently, the University of Iceland Lottery has the exclusive rights to operate 500 gaming machines across Iceland in 35 arcades, taverns and bars. As many as 230 of those old Trimline gaming terminals will be replaced by the new G MLD gaming cabinets from IGT.

Said University of Iceland Lottery CEO, Bryndis Hrafnkelsdottir, 'The University of Iceland Lottery management is thrilled to continue our long-term relationship with IGT, which enables us to deliver engaging content and exciting gaming experiences to our patrons.'

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In other IGT news, the leading gaming console and software developer, recently announced its plans to extend its reach into the lucrative online gaming world through the acquisition of renowned Facebook virtual casino operator, Double Down Interactive.

IGT to Pay $250m Up Front for Double Down Interactive

To acquire Double Down Interactive, IGT is reportedly prepared to pay $250 million up front in cash and another $85 million in retention payments over the next two years. IGT has also agreed to pay an additional $165 million, which is dependent on Double Down's performance over the next three years.

Like many once traditional land gambling firms, IGT has recognised the potential of online gaming in its many shapes and guises, including on social networking sites. Hence it's interest in Double Down Interactive, which has become a major force on Facebook as the leading social networking site's third-largest gaming application.