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Expanding Within the Industry

The GTECH Corporation is fairly new to the online casinos gambling industry but is already finalizing an agreement to acquire one of the industry’s most prominent white labeling companies. St Enodoc Holdings Limited may not ring a bell for many involved in the industry, but that is because St Enodoc is the parent company of several other companies. St Minver is perhaps the company’s most recognizable subsidiary which offers white labeling services to some of the more recognizable niche online casinos, poker, and bingo gambling sites. The two companies have already agreed to the terms so now it is just a matter of weeks for the finalization of the deal.

As for the terms of the deal, GTECH (a subsidiary of Lottomatica S.P.A.) as agreed to purchase a 90 percent equity in the online casinos white label company for a mere Euro 28 million. The CEO and President at GTECh, Jaymin B. Patel commented on the company’s decision to go with St Enodoc for expansion into the online gambling industry. He remarks, "As we continue to expand our presence in regulated Internet-based gaming, St Enodoc is a logical fit." He also noted how St Enodoc’s current products and services fit in with the company’s current global growth strategy, "With more gaming markets around the globe approving and regulating interactive gaming channels, GTECH will be well positioned to provide a full- service solution or part thereof."

The deal is expected to be finalized by the two companies by the end of this quarter and as per the agreement the last 10 percent equity share will be eligible for purchase in 2012 by GTECH. The companies agreed that GTECH will have the option of purchasing the last 10 percent from the company’s founder, Gary Shaw. Besides the Euro 28 million that GTECH is paying for the online casinos gambling white label company right now, that figure could go up another Euro 13.6 million after St Enodoc’s performance is analyzed over the next two years.