Ongame Purchase Complete

Ongame Purchase Complete

Friday, 2 November 2012 finally offloaded their surplus asset, the Ongame Network, yesterday after Amaya Gaming handed over €15 million. Having agreed the deal back in September Amaya has been busy pouring over the final numbers, checking the small print and preparing itself to take on the industry’s fifth largest poker network.

The move will certainly be a welcome bonus to the bosses, but it will be most welcomed to the network’s playerpool. Since Ongame was put up for sale there has been little work done to maintain it, indeed, at one point it looked as though it may simply be disbanded.

However, Amaya’s takeover should provide some stability and allow a host of software improvements to take place such as the implementation of a fast fold poker option.

Whilst the money exchange is complete for now, if US regulation is passed at federal level within the next five years and the network finds a place in the new market, Amaya will be liable for a further €10 million.

It’s not clear what direction the new owners will take the network in or whether they plan to make any drastic changes. However, the news of the completed sale will certainly provide a boost in both’s and the Ongame Network’s fortunes.

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Tags: Ongame Network, business,, Amaya Gaming