Las Vegas-based online slot developer Bally Technologies officially announced that it had purchased social online betting firm Dragonplay for a fee estimated to be $100 million this week.
The deal will initially see the slot developer pay $51 million up front for the Israeli-based firm with an additional $49 million expected to be paid once a number of performance targets have been met over a period of 18 months.
Bally Technologies have long been considered one of the most popular developers of land-based slots and recently moved into the online slots market with the release of top slots such as the exotic Havana Cubana slot and the Egyptian-themed Pharaoh’s Dream slot.
The acquisition of Dragonplay by Bally Technologies is expected to have immediate positive results for the developer with Dragonplay having confirmed that they made profits exceeding $30 million last year alone.
It is estimated that 3 million players across the globe are playing social games offered by Dragonplay with the majority of players getting their hands on the titles through online social networking sites such as Facebook.
Bally Technologies CEO Richard Haddrill said “We expect this strategic acquisition to help position Bally at the forefront of social casino gaming by leveraging our world-class content, including proprietary table games and award-winning video slots, on Dragonplay’s increasingly popular social casino.”
Dragonplay CEO and Founder Sharon Tal stated “I am confident that leveraging Bally’s vast library of proven slot and proprietary table game content will provide our loyal player base with an even more robust experience, which is expected to augment Dragonplay’s growth trajectory.”