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IGT Extends University of Iceland Lottery Contract

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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

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

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

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

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.

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