DoubleDown a Profit Maker for IGT

Published August 14, 2013 by OCR Editor

DoubleDown a Profit Maker for IGT

DoubleDown brings IGT big profits with a growth of 60 percent in a quarter of a year.

Back in early 2012, leading company IGT bought DoubleDown Interactive for the sum of $500 million. Recently it has been revealed that IGT's investment turned out to be a big success: DoubleDown was responsible for $61.4 million of the $579 million in revenue of IGT for the quarter which ended with June 2013. The fees paid by players for the acquisition of additional gambling tokens was more than double, when compared with the same numbers quarter a year ago - a growth of 60 percent in a very short timeframe. DoubleDown's highly popular Facebook casino application has a big role in this revenue boom.

Third Highest Grossing Facebook Application

The purchase by IGT back in early 2012 was accompanied by mixed views as many analysts were critical of the move. But seeing that DoubleDown's Facebook application is the third among the highest grossing applications as for today, it is safe to say that the investment was a smart one on IGT's behalf. Wells Fargo securities gaming analyst, Cameron McKnight, said that DoubleDown is turning into one of IGT's best acquisitions; he predicted that that it can continue growing profitably.

More Games to Come

John Vandemore, IGT Chief Financial Officer, said that DoubleDown allowed for the increase of 105 percent in the company's revenues. IGT plans to continue transitioning its land-based slots into virtual format while DoubleDown creates its original games. These are also expected to be rolled out in New Jersey once the state starts offering online gambling later this year.

See also

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