NetPlay looks forward to its new acquisition, Sportech PLC's Vernons e-gaming websites.
Liverpool-based Sportech PLC will be selling its e-gaming business, Vernons, to Netplay TV for £3 million. The decision to sell was made after a strategic review of Vernons' performance over the past six months, and the figures showed a failing casino. From January to June 2013, the company reported a .7 million loss, and the losses only got worse as the year progressed.
Vernons would have required additional investments in order to make an acceptable amount of profit, and Sportech executives decided it was not worth it.
Ian Penrose, Chief Executive of Sportech, commented on the sale, "We are delighted to have realised £3m in cash for the sale to NetPlay, who will be able to combine increased scale and market leading interactive gaming television skills to take the business forward. This is another positive step in increasing the focus of Sportech on operations where we hold competitive advantage, particularly those in the US."
The sale includes the entire network of Vernons Online Casino, poker, bingo and sportsbook websites, in addition to the customer databases. Customer accounts at Sportech will simply be moved over to Netplay TV, as will some employees.
NetPlay Chief Executive Charles Butler is excited about the acquisition. It "fits very well with the Group's core business, adds scale and customer reach, and will be integrated quickly and efficiently to realise the excellent operational synergies."
Blackjack
Slots
Roulette
Baccarat
Craps
Poker
