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Financial Discussions Finally Settled

In the aftermath of the U.S. online casino gambling ban that limited ease of offshore gambling companies processing transactions from internet gambling sites, Bwin Entertainment has finally settled negotiations with a company the company purchased last year, the Ongame Group. The companies entered into negotiations prior to the U.S.’s Unlawful Internet Gambling Enforcement Act (UIGEA) and Ongame was valued at Euro 79.9 million in the final settlements. Unfortunately though, Ongame relied heavily on U.S. revenue and online casinos players based in the U.S.

In the spring of this year, the two online casinos related companies entered into negotiations based on renegotiating the previously agreed purchase price. A spokesperson for Bwin noted, "In spring this year, Bwin entered into negotiations with the former majority shareholders of Bwin Games, who sold 96.3 percent of the company's shares." Basically the negotiations centered on waiving the previous purchase price because Ongame lost so much value when it was withdrawn from the U.S. market.

The spokesman for the online casino company Bwin commented about the terms of the deferred agreement. The spokesperson noted, "In connection with the Bwin Games [formerly Ongame Group] transaction, Bwin and the sellers agreed on a deferred consideration with a potential value of Euro 83 million including interest as of settlement date."

Basically the settlement between the two companies waives the entire previous purchase price, Euro 79.9 million, but allows for compensation of this amount plus interest if Bwin should ever reenter the U.S. online casinos market.