Google reportedly looking to buy Gaming Giant Bwin.Party
14 September 2013 | By: BeeJackMo
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When most people think of Google, they don't picture anything to do with online gaming. However, this could change in the near future because the search engine is reportedly interested in buying Bwin.Party.
ThisIsMoney reporter Geoff Foster broke news about Google's interest in Bwin.Party this week. And it appears as if the gaming company's stock plummet coupled with Google's interest in legal US online gambling could spark a potential deal. Foster wrote the following:
Broker Peel Hunt’s veteran leisure analyst Nick Batram hit the nail on the head in a recent note on Gibraltar-based online gaming giant Bwin Party Digital Entertainment, 0.3p easier at 109.9p.
Coming after a shock profits warning last month, he said its management is running out of chances to put things right. It has yet to provide the market with any confidence that it can deliver a sustainable improvement from here. There is value in the business, and if this management team doesn’t unlock it, then someone else will.
Foster continued to discuss how rumors are swirling about Google making a 200p share cash offer before Bwin.Party gets their online casino games and poker operation up and running in New Jersey.
As many people know, New Jersey lawmakers legalized online gambling earlier this year, becoming just the second US state to do so. And now it's estimated that the market will be worth over $1 billion in its early stages. This figure is only expected to grow in future years.
So it's certainly no surprise that Google, or any major company for that matter, is interested in legal US gaming. Bwin.Party is one of the few companies that have a foothold in this market, due to their three-way partnership with Boyd Gaming and MGM Resorts.
Bwin.Party is a combination of the popular brands bwin and Party Poker. The latter was the world's biggest online poker room, until they were forced to pull out of the US market due to the UIGEA. Party Gaming (Poker) eventually partnered with bwin, and they formed Bwin.Party. But the merger has failed to improve the fortunes of the combined company.
