By Nathan Carroll, Rakeback.com Staff Writer
PartyGaming and Bwin Interactive Entertainment have recently issued a joint statement to confirm to investors that their anticipated merger is still "on track."
The two companies first announced their intentions to merge back in July of this year. In a document delineating the benefits of such a move, the top executives of each firm--including PartyGaming CEO Jim Ryan and Bwin co-CEOs Norbert Teufelberger and Manfred Bodner--explained to investors that the resulting corporation would be the world's largest publicly traded online gaming business. Their 2009 combined net revenues dwarfed that of their nearest competitor, William Hill, by over 300%.
The merger also benefits both by bringing together strengths in different sectors of online gaming; though Bwin operates an online casino and cardroom, its profits are most robust in the area of sportsbetting. Conversely, PartyGaming's own sportsbook is not much of a moneymaker compared to its very well-known online poker operations. According to the pre-merger analysis, the organization spawned by the move will have a market leading position in each of the "four key verticals." That is: poker, casino games, sportsbetting, and bingo.
The recent statement was likely an attempt to quell stakeholders' concerns about the pace of the merger. The top leaders insist that everything is going according to plan and the merger is likely to be finalized in early 2011.
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