Las Vegas-based IGT has confirmed that it will be selling their social gaming product Double Down Casino to a South Korean company for $825 million (£643.2m or €766.7m). The social slots platform, which is available through Facebook, will be bought by DoubleU Games Co. It is understood they intend to continue offering licensed IGT slots through Double Down Casino when they take it over.
Most go the games in Double Down Casino are replicas of popular IGT land-based slots. The platform is particularly popular in The US, as legal real money gambling online is largely prohibited.
Speaking about the agreement IGT CEO Marco Sala said, “Since acquiring DoubleDown in 2012, IGT has grown it into one of the largest and most successful brands in the North American social casino market. After several years of strong, organic growth and increasingly attractive valuation levels, the time is right for us to maximize the value of this asset for our shareholders.”
“We will continue participating in the growth of the social casino market through our multi-year, strategic partnership with DoubleU Games.”
Double Down Games CEO Ga-Ram Kim also commented, noting: “This transaction represents a unique and value-accretive partnership combining the operational excellence of DoubleU Games with IGT’s world-class slot content.”
“With this partnership, we are excited and confident about DoubleU Games’ future as a global leader in social casino.”
DoubleU Games Co. are expected to take control of Double Down Casino in the next two months.
